ANCHORAGE – Today ConocoPhillips (NYSE:COP) announced that development drilling has begun at its CD5 drill site on the North Slope. CD5 is the first oil development within the boundaries of the National Petroleum Reserve-Alaska (NPR-A), and first oil is expected in the fourth quarter of 2015.
“We’re drilling our first wells at CD5, a significant milestone for the project,” said Joe Marushack, president of ConocoPhillips Alaska. “CD5 has been 10 years in the making and is an important development for our company and for Alaska. In addition to bringing on new North Slope oil production, the infrastructure we installed for CD5 will help enable future development of the NPR-A.”
Current CD5 development plans call for 15 wells, with an expected peak gross production of 16,000 barrels of oil per day (BOD). The road, gravel pad, four bridges and pipelines, which serve as the primary project infrastructure, are complete. CD5 represents a total project investment of more than $1 billion, and it created more than 700 direct jobs and hundreds more support jobs during construction.
Including CD5, Kuparuk Drill Site 2S, viscous oil development 1H NEWS and the Greater Mooses Tooth 1 development in the NPR-A, ConocoPhillips is currently advancing approximately $3 billion (gross) in new North Slope projects. Peak gross production when all of these projects are on stream is estimated at 50,000 BOD of new production that will be moved through the Trans-Alaska Pipeline System.
CD5 is part of the Colville River Unit, which is operated by ConocoPhillips Alaska, Inc. (78 percent interest). Anadarko Petroleum (NYSE: APC) holds a 22 percent interest.
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About ConocoPhillips Alaska
ConocoPhillips has been leading the search for energy in Alaska for more than 50 years. We are committed to responsibly developing Alaska’s resources, providing economic opportunity for Alaska, operating at the highest safety standards and being good stewards of our community. For more information, visit www.conocophillipsalaska.com.
Follow us on Facebook (https://www.facebook.com/conocophillips) and Twitter (@COP_Alaska) for project updates as CD5 progresses toward first production.
Contacts
Natalie Lowman
907-263-4153
n.m.lowman@conocophillips.com
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