The deal was announced as a greater effort to fix the trade deficit between the United States and China.
Walker is expected to brief legislators on the announcement tonight.
The state says a lower court judge got it wrong when he overturned Lt. Gov. Byron Mallott’s decision to invalidate the measure.
Officials at the company have become increasingly alarmed by violations of safety practices that they pulled most North Slope workers off to go through safety training.
The notice includes land currently unavailable for leasing under a 2013 decision by the Obama administration.