ConocoPhillips targeting oil offshore from Anchor Point

Posted: Tuesday, February 25, 2003

ConocoPhillips was founded in 2002 following the merger of Conoco Inc. and Phillips Petroleum Company. The merger was completed in August.

The company produces an average 355,000 barrels of oil a day in Alaska and 175 million cubic feet a day of natural gas.

The amount of gas from Cook Inlet converted to liquefied natural gas in 2002 was 1.3 million metric tons.

The company produces 53 billion cubic feet of natural gas a day from the Tyonek gas field and 36 million cubic feet a day from the Beluga River gas field. The Tyonek gas is used primarily to supply the Kenai LNG plant.

ConocoPhillips has ownership in reserves in Prudhoe Bay and the Kuparuk and Alpine oil fields and plans to expand its Alpine plant in development phases over the next several years, according to company spokesperson Dawn Patience.

Part of the company's projected $640 million capital budget for 2003 includes the initial engineering of the Alpine plant expansion and development of fields at Kuparuk, Prudhoe Bay and other Alaska North slope fields.

Patience said in 2001, the company encountered oil and gas in five of six production wells drilled in the National Petroleum Reserve.

Closer to home, ConocoPhillips completed drilling its Hansen well north of Anchor Point in 2002.

'Our export license is good through 2009. And we hope to operate the plant well past 2009. We expect to have adequate gas supplies for the plant as well as for the Kenai Peninsula.'

-- Dawn Patience, ConocoPhillips spokesperson

The company is not releasing information about the well's progress other than to say the on-shore directional drill targeted oil two to three miles off shore.

In 2003, the company plans to drill an additional side-track well from the Hansen site.

"We'll go into the Hansen well and drill out directionally," said Patience. The target again is oil in the Cosmopolitan prospect.

ConocoPhillips is known worldwide for its technological expertise in deep-water exploration and production and three-dimensional seismic work.

The company employs 50 people in its Kenai Peninsula operations and 900 in the state.

Two Japanese clients, including Tokyo Electric Power Company and Tokyo Gas Company Ltd., account for the bulk to the company's LNG exports from Kenai.

"Our export license is good through 2009," said Patience.

"And we hope to operate the plant well past 2009. We expect to have adequate gas supplies for the plant as well as for the Kenai Peninsula."

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