Beaufort Sea Arctic Ocean Alaska. Photo: Reimar via Adobe Stock.
North Slope leasing, exploration, and development
Interest in Alaska’s North Slope has risen sharply over the past year, with strong lease sale results, expanding exploration programs, and major projects approaching production
In November 2025, the Alaska Division of Oil and Gas reported solid participation across its three North Slope regional lease areas. A total of 289 bids were received, including 273 bids in the core North Slope region, alongside more modest interest in the Beaufort Sea and North Slope Foothills. High bids totalled ~$17.5 M, with a mix of new entrants and established operators. Bids from Surprise Valley Resources, Lagniappe, and 88 Energy built on positions acquired in the 2024 sales, where they obtained a combined total of 56 leases in the North Slope area. Juneau, EE Partners, Lagniappe, and Savant took a combined 20 leases in the Beaufort Sea region, with high bids totalling around $10.9 M.
In March 2026, the Bureau of Land Management’s lease sale in the National Petroleum Reserve–Alaska (NPR-A) attracted $163.7 M in bids from 11 companies, a dramatic increase compared to the roughly $11 M generated in the previous sale in 2019. Participation from major industry players, including ExxonMobil, ConocoPhillips, Repsol, and Shell, underscored growing interest in the region.
Activity shows exploration concentrating around a corridor from the NPR-A through the Colville River region and eastward into Prudhoe Bay. This area benefits from existing infrastructure, including pipelines and processing facilities, which significantly lowers development costs and timelines. Operators are increasingly targeting near-field prospects, close to existing fields.
ConocoPhillips has begun a four-well drilling program for 2026 to the east of its Willow development, with the Tinmiaq-19 well underway, and Tinnik-3, Kavlaq-2, and Suqqaq-4 expected to follow. These wells are intended to extend known plays. Willow is expected to begin producing in 2029.
Similarly, Santos has reported encouraging results from its Quokka-1 well, which encountered high-quality oil in the Nanushuk Formation while appraising the Mitquq-1 discovery east of the Pikka development. Pikka is expected to deliver first oil later this year, one of the most significant new production start-ups in the region. Santos is currently evaluating the development potential for Quokka-1.
88 Energy is seeking partners to advance exploration at the Augusta and Tiri prospects in its South Prudhoe leases. In 2025, Lagniappe reported success at its Sockeye-2 well, and Pantheon announced a discovery at Dubhe-1, following disappointment at the nearby Megrez-1, where testing did not produce appreciable hydrocarbon flow.
A notable feature of the current North Slope landscape is the diversity of operators. While major companies continue to dominate core producing areas, a growing number of independents are playing an important role in exploration and early-stage development. Infrastructure is now a central factor shaping investment decisions, with companies prioritising opportunities that offer quicker paths to production, developing known resources and extending established plays.
A BLM sale in the Coastal Plain area of the Arctic National Wildlife Refuge is planned for June 5th 2026. Under the One Big Beautiful Bill Act, at least four more sales are expected over the next ten years in the area.
