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CONOCOPHILLIPS

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Conocophillips : ConocoPhillips, Anadarko Announce Start Up of Second Alpine Satellite Field

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11/27/2006 | 03:00pm EDT

ConocoPhillips [NYSE:COP] and Anadarko Petroleum Corporation [NYSE:APC] today announced the successful startup of a second Alpine satellite oil field, known as Nanuq. The Nanuq oil field is located three miles south of the Alpine oil field on Alaska's North Slope. Nanuq is expected to have peak production of approximately 15,000 barrels of oil per day (BOPD) in 2008.

Discovered in 2000, Nanuq was developed exclusively with horizontal well technology and will employ gas and water injection enhanced oil recovery, similar to the Alpine field. The currently approved plan for the Nanuq Project development will entail drilling of approximately 19 wells.

Construction of Nanuq, and the first Alpine satellite, Fiord, involved more than 1,400 people over the past two winter seasons. To minimize environmental impact, 50 miles of temporary ice roads constructed during winter were used to move construction equipment, facilities, drilling rigs and drilling supplies to the site and nearby Alpine oil field. Alpine is located 35 miles west of Kuparuk on the border of the National Petroleum Reserve-Alaska.

Production from Nanuq and Fiord will be processed through the existing Alpine facilities. Together, the two fields represent approximately $675 million in capital reinvestment and are expected to have peak production of approximately 35,000 BOPD in 2008.

In addition to the Fiord and Nanuq satellites, ConocoPhillips is pursuing state, local and federal permits for additional Alpine satellite developments, including the recently announced Qannik reservoir.

Alpine, Nanuq and Fiord oil fields owners are ConocoPhillips Alaska, Inc. (a subsidiary of ConocoPhillips), 78 percent, and Anadarko Petroleum Corporation, 22 percent.

ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). ConocoPhillips is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.


© Business Wire 2006
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P/E ratio 2019 13,33
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CANADIAN NATURAL RESOURCES LTD11.32%32 626