ConocoPhillips Announces Significant Oil Discovery in the Norwegian Sea
December 22 2020 - 2:30AM
Business Wire
ConocoPhillips (NYSE: COP) today announced a new oil discovery
in production license 891 on the Slagugle prospect located 14 miles
north-northeast of the Heidrun Field in the Norwegian Sea.
ConocoPhillips Skandinavia AS is operator of the license with 80
percent working interest. Pandion Energy AS is license partner with
20 percent working interest.
Preliminary estimates place the size of the discovery between 75
million and 200 million barrels of recoverable oil equivalent.
Extensive data acquisition and sampling has been carried out in the
discovery well 6507/5-10, and future appraisal will be conducted to
determine potential flow rates, the reservoir’s ultimate resource
recovery and potential development plan.
“This discovery marks our fourth successful exploration well on
the Norwegian Continental Shelf in the last 16 months,” said Matt
Fox, executive vice president and chief operating officer. “All
four discoveries have been made in well-documented parts of the
North Sea and the Norwegian Sea and offer very low cost of supply
resource additions that can extend our more than 50-year legacy in
Norway.”
The discovery well was drilled in 1,165 feet of water to a total
depth of 7,149 feet by the Leiv Eiriksson drilling rig.
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About ConocoPhillips
Headquartered in Houston, Texas, ConocoPhillips had operations
and activities in 15 countries, $63 billion of total assets, and
approximately 9,800 employees at Sept. 30, 2020. Production
excluding Libya averaged 1,108 MBOED for the nine months ended
Sept. 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31,
2019. For more information, go to www.conocophillips.com.
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ConocoPhillips expressly disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
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version on businesswire.com: https://www.businesswire.com/news/home/20201221005829/en/
John C. Roper (media) 281-293-1451 john.c.roper@conocophillips.com
Investor Relations 281-293-5000
investor.relations@conocophillips.com
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