ConocoPhillips has achieved first oil in Nuna mission drillsite 3T within the Kuparuk River Unit (KRU), a gaggle of fields in Alaska’s North Slope.
Nuna will add 29 improvement wells, on-pad infrastructure and pipelines to present KRU amenities, in accordance with KRU operator ConocoPhillips Alaska.
“The Nuna mission is the forty ninth drillsite developed inside the KRU and is the primary drillsite developed within the Higher Kuparuk Space in almost a decade”, ConocoPhillips Alaska stated in a web-based assertion.
- Advertisement -
Erec Isaacson, president of ConocoPhillips Alaska, added, “The Nuna module was the primary manufacturing module like this fabricated in-state in additional than 20 years and demonstrates ConocoPhillips’ dedication to Alaska”.
“Initiatives like Nuna create a whole lot of in-state jobs, contribute to a steady native economic system and exhibit the outstanding useful resource improvement potential Alaska’s legacy fields nonetheless have”, Isaacson added.
3T started manufacturing beneath finances and forward of schedule, in accordance with ConocoPhillips Alaska.
This 12 months ConocoPhillips has invested over $2 billion in its Alaska tasks and can proceed to allot about $1 billion a 12 months to develop its legacy enterprise within the state by way of tasks resembling Nuna, ConocoPhillips Alaska stated.
ConocoPhillips Alaska is the operator of the KRU and the 4 Kuparuk satellite tv for pc fields, which collectively type the Higher Kuparuk Space. The realm contributed 66 million barrels of oil equal a day (MMboed) internet to ConocoPhillips’ manufacturing in 2022, of which 47 MMboed got here from KRU, in accordance with a reality sheet revealed by the Houston, Texas-based firm Might 2023.
Earlier this 12 months ConocoPhillips Alaska signed a take care of Chevron Corp. to accumulate the latter’s minority stakes in KRU and Prudhoe Bay, additionally in Alaska’s North Slope, for about $300 million.
“When the transaction closes, ConocoPhillips Alaska’s working curiosity will improve roughly 5 % to a variety of 94-99 % within the Kuparuk River Unit, inclusive of satellite tv for pc fields, and can improve 0.4 % to roughly 36.5 % within the Prudhoe Bay Unit”, ConocoPhillips stated in a press launch October 3. “The transaction is predicted so as to add an estimated 5,000 internet barrels of oil equal per day to the corporate’s portfolio going ahead”.
Apart from Chevron, the opposite associate within the Higher Kuparuk Space is Exxon Mobil Corp. Earlier than the sale to ConocoPhillips, anticipated to shut by the top of 2024, Chevron holds 4.9 % stakes within the Kuparuk River Unit and the Kuparuk satellites, based mostly on the 2023 reality sheet. ExxonMobil owns 0.6 % within the Kuparuk River Unit and 0.2 to five.8 % within the Kuparuk satellites.
Within the Higher Prudhoe Space, which encompasses the Prudhoe Bay subject, the Prudhoe Bay satellite tv for pc fields and the Higher Level McIntyre Space fields, ConocoPhillips will develop into the bulk proprietor after the completion of the transaction with Chevron. ConocoPhillips would overtake ExxonMobil (36.4 %), based mostly on the 2023 data from ConocoPhillips. Because it stands, Chevron has a 1.1 %. Operator Hilcorp owns 26.4 %.
Higher Prudhoe accounted for 90 MMboed of ConocoPhillips’ internet output in 2022, 70 MMboed of which got here from Prudhoe Bay, in accordance with the very fact sheet from the corporate.
To contact the creator, e mail jov.onsat@rigzone.com
Generated by readers, the feedback included herein don’t replicate the views and opinions of Rigzone. All feedback are topic to editorial evaluate. Off-topic, inappropriate or insulting feedback will probably be eliminated.
