• 4 minutes US-backed coup in Venezuela not so smooth
  • 7 minutes Why Trump will win the wall fight
  • 11 minutes Oil imports by countries
  • 13 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 3 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 7 hours Itt looks like natural gas may be at its lowest price ever.
  • 1 hour Venezuela: Nicolas Maduro closes border with Brazil
  • 4 hours Teens For Climate: Swedish Student Leader Wins EU Pledge To Spend Billions On Climate
  • 6 hours Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 12 hours North Korea's Kim To Travel To Vietnam By Train, Summit At Government Guesthouse
  • 16 hours Amazon’s Exit Could Scare Off Tech Companies From New York
  • 7 hours students walk out of school in protest of climate change
  • 1 day Washington Eyes Crackdown On OPEC
  • 24 hours Europe Adds Saudi Arabia to Dirty-Money Blacklist
  • 19 hours America’s Shale Boom Keeps Rolling Even as Wildcatters Save Cash
  • 5 hours Mineral rights owners,
Oil Prices Nearing Breakout Levels

Oil Prices Nearing Breakout Levels

The recent rally in oil…

Global Intelligence Report - 20th February 2019

Global Intelligence Report - 20th February 2019

The outcome of the Nigerian…

Conoco Well In Alaska Begins Production

TAPS pipeline

Crude oil production has begun at the Greater Mooses Tooth 1 prospect, operated by Conoco, in Alaska’s North Slope, the company said as quoted by Reuters. Output is estimated to peak at between 25,000 and 30,000 bpd.

The GMT 1 is the second producing prospect in the National Petroleum Reserve of Alaska after CD5, another field operated by Conoco. Now the company will start developing a nearby site, Greater Mooses Tooth 2. Production there could start by 2021, with peak rates of 35,000 to 40,000 bpd.

Conoco is the largest oil producer in Alaska, and earlier this year the company announced the discovery of an estimated 750 million barrels in crude oil and gas resources in the Greater Willow Area, also in the National Petroleum Reserve in the North Slope. The Greater Mooses Tooth 1 is part of the Greater Willow Area.

At the time, the company said that developing these reserves would cost between US$2 and US$3 billion after the final investment decision is made. Conoco plans to take it by 2021 with first oil from this deposit seen to start flowing three years later.

Many companies have left Alaska as its fields go into natural decline, but Conoco is still big there and has no plans to pull out, despite high taxes that hit production alongside declining rates and despite the opening up of more easily accessible reserves elsewhere in the States. As the Motley Fool wrote in July, after the announcement of the Greater Willow Area discovery, the focus on Alaska has paid off.

Besides the 750 million barrels of oil and gas in that area, Conoco also struck another 100-350 million barrels of oil equivalent in two new prospects in the state. These will be appraised in 2019, the company said. And then it will have another 85 percent of its acreage in Alaska to explore.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News