Alaska could see a boom in oil production next year, a sharp reversal for a state that has seen decades of declining production, according to the U.S. Energy Information Administration.
EIA estimates in a forecast released this week that Alaska could see a 13 percent rise in production compared to 2025 — the largest annual increase for the state since the 1980s — thanks to two new projects on the North Slope.
ConocoPhillips’ Nuna project came online in December 2024 and is expected to produce 20,000 barrels a day at its peak. Pikka Phase 1, jointly owned by Santos and Repsol, is slated to start production in early 2026 and could reach peak production of 80,000 barrels a day later that year.
The state last year averaged about 421,000 barrels a day in production, according to EIA, and could be roughly flat this year. The agency estimates that oil production could grow to 477,000 barrels a day next year. Alaska Gov. Mike Dunleavy, a Republican, cheered the forecast in a statement.