ConocoPhillips submits $1.1B plan for Norwegian oil project
The company plans to extract oil from the Eldfisk North reservoir
• 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.
The plan is however subject to customary approvals from Norwegian authorities.
Ekofisk reservoir
Ekofisk is operated by ConocoPhillips, which holds a 35.1% stake, while TotalEnergies owns 39.9%, Vaar Energi 12.4%, Equinor 7.6%, and Petoro 5%, reported Reuters.
The Greater Ekofisk Area currently produces 180,000 barrels of oil equivalent gross per day between Ekofisk and Eldfisk and estimates that about 2 billion barrels of movable oil are left in the reservoir.
To replace declining reserves at Ekofisk, ConocoPhillips Norway is looking for oil and gas that can be developed with a low cost of supply.
Source - Reuters, ConocoPhillips
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