The U.S. government's approval of ConocoPhillips (NYSE:COP)' (NYSE:COP.N) planned $6 billion Willow oil development in Alaska has been thrown out by a federal judge because of problems with the project’s environmental analysis, according to court documents.
In the ruling, Alaska District Court Judge Sharon Gleason said she was vacating the U.S. Bureau of Land Management's approval of the development partly because its environmental analysis did not include greenhouse gas emissions from foreign oil consumption or measures to mitigate the impact on polar bears.
The Willow project was approved by the Trump administration in 2020, resulting in lawsuits from environmental groups. The Biden administration defended the development in court.
ConocoPhillips (NYSE:COP) spokesperson Dennis Nuss said the company would review the decision and evaluate its options for the project, Reuters reported.
ConocoPhillips (NYSE:COP) had said the Willow development could begin producing oil in 2027. Willow holds about 600mln barrels of recoverable oil and could produce up to 180,000 barrels per day.