ConocoPhilips has approved the $900-million Moose’s Tooth project in Alaska’s National Petroleum Reserve that is scheduled for completion in 2018 with a peak production of 300,000 barrels of oil per day, as other companies drop assets in the region from their portfolio.

ConocoPhilips announces $900-million Alaska project

ANCHORAGE, November 18, 2015 – ConocoPhilips has approved the $900-million Moose’s Tooth project in Alaska’s National Petroleum Reserve that is scheduled for completion in 2018 with a peak production of 300,000 barrels of oil per day, as other companies drop assets in the region from their portfolio.

Shell and Norwegian oil explorer Statoil exited Alaska in September and November, respectively, with Shell having spent $7 billion for discovery prospects in the state. ConocoPhilips, meanwhile, has put Chukchi Sea operations on hold. Moose’s Tooth has been approved for funding.

The company’s capital budget for Alaska dropped by $200 million this year to $1.4 billion. ConocoPhilips continues to operate six rigs in the region, its highest to date, despite the slump in oil prices and a shrinking budget.

ConocoPhilips Alaska President Joe Marushack stated that the company performed well in the region, at a time when poor production volumes and cost cutting policies have forced other companies out.

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