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NEWS BULLETIN

August 10, 2004 --- Vol. 10, No. 69August 2004

New pad, pad expansion at West Sak: 44 new wells planned

ConocoPhillips and BP today announced plans for “the largest-ever heavy oil development in Alaska,” a $500 million dollar project which will more than quadruple production of heavy West Sak oil.

The development will increase West Sak oil field production to approximately 45,000 barrels per day by 2007, up from some 10,000 bpd currently. Development will be from two drill sites in the Kuparuk River unit: facilities will be expanded at Drill Site 1E, and the first stand-alone West Sak drill site, 1J, will be constructed.

West Sak, a large, heavy-oil accumulation, overlies deeper conventional oil over much of the ConocoPhillips-operated Kuparuk River field on Alaska’s North Slope.

At peak construction, in 2005, the project is expected to generate more than 850 jobs in Alaska, ConocoPhillips said.

Thirteen West Sak wells are planned from Drill Site 1E, and 31 wells from new Drill Site 1J.

VECO Alaska and NANA/Colt Engineering have been awarded detailed engineering contracts for West Sak development. Companies already working at Drill Site 1J include ASRC Energy Services and Doyon Drilling.

The West Sak field will be owned 52 percent by ConocoPhillips, the field operator; 37 percent by BP; 5.8 percent by ExxonMobil; 5 percent by Unocal; and 0.1 percent by ChevronTexaco. ConocoPhillips spokeswoman Dawn Patience told Petroleum News that approvals for assignments are pending with the state of Alaska. Existing West Sak ownership is: ConocoPhillips 55.9 percent; BP 39.7 percent; Unocal 3.96 percent; ExxonMobil 0.36 percent; and ChevronTexaco 0.1 percent.

See complete story in Aug. 15 issue of Petroleum News.

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