ConocoPhillips Grows Alaskan Resources; Gears Up For 2019 Campaign

Alaska’s largest oil producer ConocoPhillips (NYSE: COP) said it discovered up to 750 million barrels of oil equivalent (MMboe) of resources in the Greater Willow Area during its latest exploration and appraisal 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.