By Charles Kennedy of OilPrice.com

ConocoPhillips' Willow project in Alaska might end up shelved after the release of a highly anticipated environmental analysis of the project by the federal government.

In its analysis, the Bureau of Land Management outlined five alternative paths for the project, which Conoco acquired in the early 1990s. One of the alternatives involved setting up five drilling sites and constructing various infrastructure. Another alternative suggested fewer drill sites and less infrastructure, with a more limited impact on the environment.

The option that would be the worst news for Conoco is the BLM withholding approval for the project as a whole, which was another of the five options laid out by the agency.