ConocoPhillips invest $900 million in Alaska’s petroleum project

ConocoPhillips to invest $900 million in Alaska’s petroleum project

10:32 AM, 20th November 2015
ConocoPhillips to invest $900 million in Alaska’s petroleum project
ConocoPhillips plant facility in Alaska. (File photo)

HOUSTON, US: ConocoPhillips Co said it has approved funding of $900 million for its Greater Mooses Tooth development project at the field in the National Petroleum Reserve-Alaska. The production is expected to begin in 2018 and is expected to yield 30,000 barrels of oil daily at its peak.

Construction will begin in early 2017, with estimated hiring of about 700 people, plus hundreds more support jobs, ConocoPhillips said.

The bureau of land management permitted the project last month, after the US Army Corps of Engineers provided a federal wetlands permit in January. Production at the field would be the first time oil has flowed from federal lands on the reserve.

“We are pleased to have been able to work through key permitting issues with the Corps of Engineers and BLM that now allows us to move into the development phase,” said Joe Marushack, president, ConocoPhillips Alaska.

The project requires a new gravel pad, a 7.7-mile road, facilities and pipelines. Plans call for an initial nine wells and up to 33 wells, with oil processed at the existing Alpine Central Facility.

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