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ConocoPhillips Announces Production Startup and First Oil from Ekofisk South

  ConocoPhillips Announces Production Startup and First Oil from Ekofisk South

Business Wire

HOUSTON -- October 28, 2013

ConocoPhillips (NYSE:COP) today announced first oil production from the
Ekofisk South development project in the Norwegian North Sea on Oct. 25.

“The Ekofisk South project startup represents an important milestone for
ConocoPhillips,” said Matt Fox, executive vice president, Exploration and
Production. “This is the first of several new major project startups that will
contribute to the company’s growth over the next few years. In Norway, a
second project, Eldfisk II, is scheduled to start up by early 2015. These
projects will increase ultimate resource recoveries and extend the field life
of this premier legacy asset for years to come.”

Ekofisk South, along with Eldfisk II and other development projects offshore
Norway, will add approximately 60,000 barrels of oil equivalent per day of net
high-margin production to the company’s production volumes by 2017.

The Ekofisk South project includes the planned drilling of 35 new production
wells and eight water injection wells. One well is currently producing.
Drilling is underway on additional wells and production is expected to ramp up
over the next four years as new wells are brought on line.

The Greater Ekofisk Area, located approximately 200 miles (300 km) offshore
Stavanger, comprises four producing fields: Ekofisk, Eldfisk, Embla and Tor.
Crude oil from Greater Ekofisk’s producing fields is exported via pipeline to
Teesside, England, and natural gas flows via pipeline to Emden, Germany.

ConocoPhillips (35.1%) operates the Greater Ekofisk Area. The other Ekofisk
co-venturers are Total (39.9%), Eni (12.4%), Statoil (7.6%) and Petoro (5.0%).

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About ConocoPhillips

ConocoPhillips is the world’s largest independent E&P company based on
production and proved reserves. Headquartered in Houston, Texas,
ConocoPhillips had operations and activities in 30 countries, $55 billion in
annualized revenue, $117 billion of total assets, and approximately 17,500
employees as of June 30, 2013. Production from continuing operations averaged
1,531 MBOED for the six months ended June 30, 2013, and proved reserves were
8.6 billion BOE as of Dec. 31, 2012. For more information, go to
www.conocophillips.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements. Forward-looking
statements relate to future events and anticipated results of operations,
business strategies, and other aspects of our operations or operating results.
In many cases you can identify forward-looking statements by terminology such
as "anticipate," "estimate," "believe," "continue," "could," "intend," "may,"
"plan," "potential," "predict," "should," "will," "expect," "objective,"
"projection," "forecast," "goal," "guidance," "outlook," "effort," "target"
and other similar words. However, the absence of these words does not mean
that the statements are not forward-looking. Where, in any forward-looking
statement, the company expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, there can be no assurance that such
expectation or belief will result or be achieved. The actual results of
operations can and will be affected by a variety of risks and other matters
including, but not limited to, changes in commodity prices; changes in
expected levels of oil and gas reserves or production; operating hazards,
drilling risks, unsuccessful exploratory activities; difficulties in
developing new products and manufacturing processes; unexpected cost
increases; international monetary conditions; potential liability for remedial
actions under existing or future environmental regulations; potential
liability resulting from pending or future litigation; limited access to
capital or significantly higher cost of capital related to illiquidity or
uncertainty in the domestic or international financial markets; and general
domestic and international economic and political conditions; as well as
changes in tax, environmental and other laws applicable to our business. Other
factors that could cause actual results to differ materially from those
described in the forward-looking statements include other economic, business,
competitive and/or regulatory factors affecting our business generally as set
forth in our filings with the Securities and Exchange Commission. Unless
legally required, ConocoPhillips undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new information, future
events or otherwise.

Contact:

ConocoPhillips
Kris Sava (media)
281-293-1808
kris.sava@conocophillips.com
or
Vladimir R. dela Cruz (investors)
212-207-1996
v.r.delacruz@conocophillips.com
 
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