- The U.S. Interior Department is considering a request by Eni (NYSE:E) to explore for oil in waters north of Alaska, Bloomberg reports, giving the Trump administration a chance to reverse course from former Pres. Obama’s attempt to end Arctic drilling.
- Eni’s exploration well would be in an area it already leased from the federal government, so it is not covered by Obama's December executive order blocking the sale of new drilling rights in large areas of the Chukchi and Beaufort seas, but the Trump team may believe that approving Eni's request could encourage more oil companies to consider Arctic exploration.
- Eni already uses a man-made gravel island to extract oil from leases in state waters hugging Alaska’s coast, and it wants to use the site as a launching pad for extended-reach drilling; lead operator Eni owns 40% of the project, with Royal Dutch Shell (RDS.A, RDS.B) also holding 40% and Repsol (OTCQX:REPYF, OTCQX:REPYY) owning 20%.