FactSet Blog Alaska Set for Potential Change in Oil and Gas Future

The first commercial oil production in Alaska occurred in southern Alaska in 1902, while offshore production began in 1965. As the state began to develop its oil and gas resources, it became classified into two distinct production regions: North Slope and South Slope. The North Slope, which is home to Prudhoe Bay, the largest conventional oil field in North America, has developed into the state's primary oil and gas play. However, as a significant amount of Alaska's land has been federally protected, owned, or managed for decades, extensive exploration and development has historically been stifled.