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NEWS BULLETIN

October 24, 2014 --- Vol. 20, No. 52October 2014

Funding approved for Kuparuk Drill Site 2S

ConocoPhillips Alaska said today that Drill Site 2S, the Kuparuk field expansion project, has been sanctioned for funding by ConocoPhillips and Kuparuk co-owners BP Exploration, ExxonMobil and Chevron.

"Drill Site 2S is one of the key projects that we announced after passage of SB 21," ConocoPhillips Alaska President Trond-Erik Johansen said in a statement, referring to passage of the oil tax changes enacted by the Alaska Legislature in 2013.

This will be the first new drill site at Kuparuk in nearly 12 years, and the cost is estimated at some $500 million for a new gravel road, a new drill site, power lines, pipelines and other surface facilities, the company said.

- KRISTEN NELSON

See story in Nov. 2 issue, available online Friday, Oct. 31, at www.PetroleumNews.com.

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