News report 🏭 Commodities 🌍 United States

EIA Forecasts Alaskan Crude Oil Production to Grow 13% in 2027

Alaskan crude production is set to hit its highest level since 2014, with the EIA forecasting a 13% increase in 2027 supported by new North Slope projects from ConocoPhillips, Santos, and Repsol.

🕐 1 min read

4 assets impacted (Stocks, Commodities). Net bias: 3 Bullish, 1 Bearish, 0 Neutral. Strongest signal: COP ↑ 2/10 (60% confidence).

📊 Affected Assets (4)

COP
Bullish 🤖 60%
📆 Mid-term 🌍 US · Explicit

ConocoPhillips owns the Nuna project on Alaska's North Slope, which started production in December 2024, is expected to peak at 20,000 b/d, and has averaged 10,000 b/d so far this year. Growing Alaskan output supports the company's production, but Nuna's peak volume is small for a company of ConocoPhillips' size.

Catalysts
  • ▲ Nuna project producing an average of 10,000 b/d in 2026 with a 20,000 b/d expected peak
Risk Factors
  • ▼ Nuna's 20,000 b/d peak only partially offsets existing production declines elsewhere
STO.AX
Bullish 🤖 60%
📆 Mid-term 🌍 AU · Explicit

Santos jointly owns the Pikka Phase 1 project with Repsol, which began production in May 2026 and reached 38,000 b/d by September 2026, with the EIA forecasting an 80,000 b/d peak by winter 2026-27. This ramp-up drives the first third-quarter Alaskan production increase in more than 40 years, supporting Santos' oil volumes.

Catalysts
  • ▲ Pikka Phase 1 ramp-up from 2,000 b/d in May 2026 to 38,000 b/d by September 2026
  • ▲ Expected peak production of 80,000 b/d by winter 2026-27
Risk Factors
  • ▼ The EIA forecast is conditional on the projects performing as expected
  • ▼ Santos only owns Pikka jointly with Repsol, so the volume is split
REP.MC
Bullish 🤖 60%
📆 Mid-term 🌍 ES · Explicit

Repsol jointly owns Pikka Phase 1 with Santos; the project started in May 2026 at 2,000 b/d, reached 38,000 b/d by September 2026 and is forecast to peak at 80,000 b/d by winter 2026-27. The ramp-up adds growing oil volumes for Repsol, though its share is split with Santos.

Catalysts
  • ▲ Pikka Phase 1 reached 38,000 b/d as of September 2026
  • ▲ Forecast 80,000 b/d peak by winter 2026-27
Risk Factors
  • ▼ Project ownership is shared with Santos
  • ▼ Forecast peak depends on the ramp-up proceeding as expected
USOIL
Bearish 🤖 55%
📆 Mid-term 🌍 US ✨ Inferred

The November 2026 Short-Term Energy Outlook projects Alaskan output rising 23,000 b/d (6%) in 2026 and 60,000 b/d (13%) in 2027 to 505,000 b/d, the highest since 2014. Extra US supply is a bearish factor for crude prices, but the added volume is small relative to overall US and global production, limiting the price effect.

Catalysts
  • ▼ Pikka Phase 1 ramping toward 80,000 b/d peak by winter 2026-27
  • ▼ Forecast 60,000 b/d (13%) Alaskan production increase in 2027
Risk Factors
  • ▲ Growth partially offsets existing Alaskan field declines rather than adding large net supply
  • ▲ Forecast is conditional - the EIA states the increases apply only 'if realized'

🧭 Full analysis of these assets

🎯 Key Takeaways

  • EIA forecasts Alaskan crude production to reach 505,000 b/d in 2027, the highest level since 2014.
  • The Pikka Phase 1 project, owned by Santos and Repsol, reached 38,000 b/d in September 2026 and is expected to peak at 80,000 b/d by winter 2026-27.
  • ConocoPhillips' Nuna project, which began in December 2024, has averaged 10,000 b/d in 2026 toward an expected 20,000 b/d peak.
  • Third-quarter 2026 production grew 4%, marking the first third-quarter increase in over 40 years.

📝 Executive Summary

The U.S. Energy Information Administration projects Alaskan crude oil production will rise by 60,000 barrels per day, or 13%, in 2027. This growth, reaching 505,000 barrels per day, is driven by the ramp-up of the Nuna project by ConocoPhillips and the Pikka Phase 1 project, a joint venture between Santos and Repsol.

❓ FAQ

COP · How does the new EIA forecast affect ConocoPhillips?

The EIA attributes Alaskan production growth partly to ConocoPhillips' Nuna project, which is expected to peak at 20,000 b/d and has averaged 10,000 b/d so far in 2026 - a positive but small contributor to the company's overall output.

STO.AX · What does the EIA outlook mean for Santos?

The EIA expects Santos' jointly owned Pikka Phase 1 project to reach a peak of 80,000 b/d by winter 2026-27, up from 38,000 b/d in September 2026, making it a key driver of Alaskan production growth.

REP.MC · How is Repsol affected by the Alaskan production forecast?

Repsol jointly owns Pikka Phase 1, which the EIA expects to peak at 80,000 b/d by winter 2026-27 after reaching 38,000 b/d in September 2026, supporting Repsol's future oil output.

USOIL · Does higher Alaskan production mean lower oil prices?

The EIA expects Alaskan output to grow 13% in 2027 to 505,000 b/d, the most since 2014. That adds supply, which pressure prices downward, but the volume is modest compared with total US production, so the effect on prices should be limited.