ConocoPhillips announced its 2019 budget Monday and it includes an increase for Alaska.

The company set the 2019 budget at $6.1 billion. Of that, approximately $1.2 billion is allocated to Alaska, a notable increase for the state which last year was allocated $900 million.

The company cited development in the Greater Moose’s Tooth 2 field and the neighboring Willow Discovery in the National Petroleum Reserve-Alaska as reasons for the budget increase. Construction in Greater Moose’s Tooth 2 is scheduled to begin this winter.

In October, president of ConocoPhillips' Alaska operations Joe Marushack told a crowd at the Anchorage Chamber of Commerce's Make it Monday luncheon that the strong 2017-2018 North Slope drilling season will be even stronger this year.

"The 2018 program, the one we finished up this last winter, was the biggest one we did in about 16 years and the one we're planning on doing in the 2018-2019 in the winter season will be an even bigger program," he said after his speech.

He described North Slope activity as a renaissance, citing current field exploration in the Slope's western region, including the Willow field which Marushack called one of the company's largest prospects globally. He said Willow could produce upwards of 100,000 barrels per day with first oil as early as 2024.

ConocoPhillips announced production at its Greater Moose’s Tooth 1 field in October. The field is projected to eventually produce between 25,000 to 30,000 barrels per day. The company was able to achieve production, despite a plunge in the price of oil in 2016, which has yet to make a full rebound.

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