Two National Guard members shot near White House
Investing.com -- Alaska’s crude oil production is forecast to hit 477,000 barrels per day (bpd) in 2026, reaching its highest level since 2018, according to the U.S. Energy Information Administration (EIA).
In its latest Short-Term Energy Outlook released Wednesday, the EIA projected a 13% increase in Alaska oil production, adding 55,000 bpd. This marks the largest annual growth since the 1980s.
Where is the price of oil headed in 2026? See what top Wall Street analysts think by upgrading to InvestingPro - get 55% off today
Two North Slope projects are driving this production surge. ConocoPhillips’ Nuna project, which began producing in December 2024, is expected to reach peak production of 20,000 bpd.
The Santos and Repsol Pikka Phase 1 project, scheduled to start in early 2026, could achieve 80,000 bpd by mid-2026. The EIA noted this project alone would represent nearly 20% of total Alaska oil production in 2025.
The EIA also highlighted that wells from these new projects are performing better than most existing Alaskan wells. Data from the Alaska Oil and Gas Conservation Commission shows new wells average about 480 barrels of oil equivalent per day (boed), while 78% of Alaskan wells produced less than 400 boed in 2023.