Biden administration set to OK Willow oil project in Alaska - Bloomberg

The Biden administration will authorize ConocoPhillips' (NYSE:COP) proposed $7B Willow oil project on Alaska's North Slope, Bloomberg reported Friday.

Under the plan, which is set to be released next week, ConocoPhillips (COP) would be permitted to drill from three locations across the site in the National Petroleum Reserve-Alaska, according to the report.

Last month, the U.S. Department of the Interior's Bureau of Land Management recommended a preferred alternative for the project that included three drill sites and less surface infrastructure than originally proposed.

ConocoPhillips (COP) originally had requested to drill from across five locations at Willow but then endorsed BLM's plan for three drilling sites.

Environmental activists who helped elect President Biden have said his approval of Willow would be a betrayal of his campaign pledges; on the other side, many lawmakers, unions and indigenous peoples in Alaska have said the project would provide an economic boost to the region.

The company has said Willow would not remain viable if the government limited drilling to two locations.

ConocoPhillips (COP) shares have lost 8% since initial news of the Willow project review on February 1.