Here is what will happen.  Big oil will sell to Jr. Oil the assets and obligations.  It will be someone who looks good on paper like Miller Energy.  And just like Miller the Jr. will go bankrupt and leave a mess.  Big Oil will not wait until the end, they will sell while there is still some value.  I doubt BP will be here in 10 years, CP has a longer game plan.  Even if Jr Oil takes over a declining field they don't have the money for expanding production which is what Alaska needs.   We need big oil more than they need Alaska, there are lots of places for them to invest, but only a few companies in the world that have the money to develop these oil fields.