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NEWS BULLETIN

March 23, 2015 --- Vol. 21, No. 9March 2015

ConocoPhillips funds Kuparuk 1H NEWS

Funding for Kuparuk viscous oil development 1H NEWS, Northeast West Sak, has been approved by ConocoPhillips, ConocoPhillips Alaska said this morning in a statement.

The company said this is the largest investment in viscous oil at Kuparuk since 2004. With work estimated at $460 million, the project is expected to add some 8,000 barrels of oil per day at peak production.

"The 1H NEWS development is one of the key projects we announced after passage of oil tax reform," said Trond-Erik Johansen, president of ConocoPhillips Alaska.

The project includes a 9.3-acre extension to the existing Drill Site 1H and installation of surface facilities to support four new production and 15 injection wells.

The company said construction will begin later this year and continue through 2016, with first oil expected in early 2017.

- KRISTEN NELSON

See story in March 29 issue, available online Friday, March 27 at www.PetroleumNews.com

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