Alaska's largest producer ConocoPhillips announced its plans to shut down their North Slope drill rigs and place them into long-term storage, citing Wednesday a desire to protect employees and contractors during the COVID-19 pandemic. 

ConocoPhillips had intended on embarking on its largest exploration and construction season ever in Alaska this winter.

London-based Pantheon Resources announced Wednesday their discovery of a new prospect believed to be around 1.8 billion barrels.

Reportedly, a new evaluation of an old exploration well along with data from recent drilling suggests the prospect located south of Prudhoe Bay along the Dalton Highway and Trans-Alaska Pipeline System corridor may be one of the largest oil fields on the North Slope.