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Conoco buys Nuna; Torok prospect could yield 25,000 bpd
Kay Cashman Petroleum News
ConocoPhillips Alaska has made public its agreement to purchase 100% ownership in the North Slope Nuna prospect from Caelus Natural Resources. A Caelus spokesman had told Petroleum News in April that the acreage had been sold and the buyer wanted to withhold its name until later in the summer.
Five miles southwest of the Oooguruk unit and just east of the Colville River within the northern section of the Colville-Kuparuk fairway, the Nuna prospect includes 11 tracts covering 21,000 acres.
As a result of the Nuna No. 2 discovery well drilled during the 2012-13 winter drilling season, former operator Pioneer Natural Resources increased its estimate of the areal extent of and ultimate oil recovery from Nuna, a Torok formation in the Brookian sequence, to between 75 million and 100 million barrels of oil.
A Caelus spokesman in 2017, said that Nuna could result in production of some 25,000 barrels of oil per day with a field life of 20-30 years.
Development, Pioneer said at the time, would include up to two new gravel drill sites likely connected to the existing Kuparuk River Unit Drill Site 3S.
Next several years to appraise Nuna In its June 17 announcement of the acquisition, ConocoPhillips said it will appraise Nuna over the next several years, with a goal of making a final investment decision.
The transaction is subject to state regulatory approval and has an effective date of June 14.
“This transaction represents an attractive addition to our expanding North Slope position and will allow ConocoPhillips to cost effectively develop Nuna utilizing Kuparuk River unit infrastructure,” said Joe Marushack, president of ConocoPhillips Alaska. “We believe this acquisition could lead to more oil production, more revenue for the state and more jobs for Alaskans.”
- KAY CASHMAN
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