ConocoPhillips submits $1.1B plan for Norwegian oil project

• The company plans to extract oil from the Eldfisk North reservoir

ConocoPhillips (NYSE: COP) submitted a plan to develop an oil discovery unit in the Norwegian North Sea for $1.10 billion.

Reuters reported that the US energy giant would be launching its petroleum project in the Eldfisk North reservoir. The reservoir is a part of the larger Ekofisk area where ConocoPhillips has pumped hydrocarbons for more than 50 years, according to the report.

ConocoPhillips has said that Eldfisk North contains 50 million and 90 million barrels of oil equivalent and some gas.