ConocoPhillips Grows Alaskan Resources; Gears Up For 2019 Campaign
The resources justify the Greater Willow Area located in the northeast section of National Petroleum Reserve-Alaska as a standalone development. Plus, upside potential exists.
But ConocoPhillips estimates it will cost between $2 billion to $3 billion over four to five years following a final investment decision, which is planned for 2021, to develop the resources. First oil is possible as early as 2024. Another $2 billion to $3 billion of drilling capital would also be needed over multiple years to maintain production at the development.
The news was delivered July 16 by the Houston-headquartered company as part of an update on its Alaskan operations.