NEWS BULLETIN

April 17, 2013 --- Vol. 19, No. 26April 2013

ConocoPhillips announces increased investment

In a press release this afternoon, ConocoPhillips Alaska said that it will increase investment in Alaska following the passage of oil tax reform legislation by the Alaska Legislature.

The governor’s oil tax reform, Senate Bill 21, passed the Legislature April 14.

Trond-Erik Johansen, president of ConocoPhillips Alaska, said the company has always believed — and communicated —“that Alaska’s North Slope is a resource-rich area.”

But developing North Slope oil “has become increasingly challenging, costly and technology-intensive,” Johansen said.

The company said with improvements to Alaska’s severance tax system, it is planning new work, including:

Bringing an additional rig into Kuparuk this spring; working with co-owners on funding a new drill site on the southwest frank of the Kuparuk River unit; and beginning regulatory/permitting activities and progressing engineering for the Greater Moose’s Tooth unit in the National Petroleum Reserve-Alaska.

Johansen called those “some examples of the activities ConocoPhillips plans to kick off in the near future to help bring new investments and produce more oil from legacy and satellite fields.”

—Kristen Nelson

See story in April 21 edition, available Friday, April 19 at 11 a.m. at www.PetroleumNews.com


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