ConocoPhillips announces big oil discovery in NPR-A
FAIRBANKS - ConocoPhillips has made another large oil discovery in its Greater Mooses Tooth Unit in the northeast part of the National Petroleum Reserve - Alaska, the company announced Friday.
The Willow discovery is about 28 miles west of the Alpine Central Facility. Two wells that were drilled in 2016 yielded an estimated at 300 million barrels of potentially recoverable oil. Willow could produce up to 100,000 barrels of oil per day, once production commences, which could happen as soon as 2023. ConocoPhillips has a 78 percent working interest in the discovery and Anadarko Petroleum holds the remaining 22 percent.
"This discovery is tremendously exciting not only for ConocoPhillips, but also for the state of Alaska," Joe Marushack, president of ConocoPhillips Alaska stated in the news release. "Willow's proximity to existing infrastructure improves the economic viability of the discovery. Development of Willow, a potential multi-million-dollar investment, could provide thousands of jobs during construction and could generate substantial revenue for the federal government, state, North Slope Borough, and communities in the NPR-A."
ConocoPhillips and bidding partner Anadarko also won 65 tracts in December's federal lease sale on the western North Slope, a total of 594,972 acres. Alone, ConocoPhillips won 74 tracts in December's state lease sale, for a total of 142,280 acres.
Read more: http://www.newsminer.com/business/conocophillips-announces-big-oil-discovery-in-npr-a/article_d5f93a72-d9c6-11e6-85f7-8b5ab18c3710.html
