The Financial Post reports in its Thursday, May 14, edition that major oil companies are resuming exploration in the Alaskan Arctic. A Financial Times dispatch to the Post reports that Exxon Mobil, Shell and Repsol are among producers that bid a record $163-million in March to secure leases in the National Petroleum Reserve of Alaska, an under-explored area estimated to hold 8.8 billion barrels of recoverable oil (all figures U.S.). ConocoPhillips and Australia's Santos also bid on leases covering more than one million acres on Alaska's North Slope. Exxon and Shell are returning to Alaska after nearly a decade. Last year's industry capital expenditure in the state reached a decade-high of $5-billion, up from $4.1-billion in 2024. "Alaska is a fantastic opportunity," said Repsol's Francisco Gea. Repsol's joint venture with Shell secured the largest number of leases in the recent auction. "The reversal in the decline of oil production in the great state of Alaska is going to help put more oil in the Pacific area at an important moment." Shell's decision to return was driven by a desire to replenish the "funnel of opportunities" in areas where it could differentiate its exploration, appraisal and development.