Oil and Gas Stock Alert: ConocoPhillips (NYSE:COP) Announces Production Startup and First Oil from Ekofisk South
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HOUSTON - October 28, 2013 (Investorideas.com newswire) ConocoPhillips (NYSE:COP) today announced first oil production from the Ekofisk South development project in the Norwegian North Sea on Oct. 25.
"The Ekofisk South project startup represents an important milestone for ConocoPhillips," said Matt Fox, executive vice president, Exploration and Production. "This is the first of several new major project startups that will contribute to the company’s growth over the next few years. In Norway , a second project, Eldfisk II, is scheduled to start up by early 2015. These projects will increase ultimate resource recoveries and extend the field life of this premier legacy asset for years to come."
Ekofisk South, along with Eldfisk II and other development projects offshore Norway , will add approximately 60,000 barrels of oil equivalent per day of net high-margin production to the company’s production volumes by 2017.
The Ekofisk South project includes the planned drilling of 35 new production wells and eight water injection wells. One well is currently producing. Drilling is underway on additional wells and production is expected to ramp up over the next four years as new wells are brought on line.
The Greater Ekofisk Area, located approximately 200 miles (300 km) offshore Stavanger , comprises four producing fields: Ekofisk, Eldfisk, Embla and Tor. Crude oil from Greater Ekofisk’s producing fields is exported via pipeline to Teesside , England , and natural gas flows via pipeline to Emden, Germany.
ConocoPhillips (35.1%) operates the Greater Ekofisk Area. The other Ekofisk co-venturers are Total (39.9%), Eni (12.4%), Statoil (7.6%) and Petoro (5.0%).
ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston , Texas , ConocoPhillips had operations and activities in 30 countries, $55 billion in annualized revenue, $117 billion of total assets, and approximately 17,500 employees as of June 30, 2013. Production from continuing operations averaged 1,531 MBOED for the six months ended June 30, 2013, and proved reserves were 8.6 billion BOE as of Dec. 31, 2012. For more information, go to www.conocophillips.com.
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