Alaska Ping!
Posted on 01/15/2017 12:39:14 AM PST by 2ndDivisionVet
Yesterday ConocoPhillips' (NYSE:COP) Alaskan unit announced a big discovery in Alaska. The Willow discovery lies in the COP's Greater Mooses Tooth ("GMT") unit and consists of two wells which encountered 72 feet and 42 feet of net pay. 3-D seismic appraisal work will start this month, however initial estimates indicate the discovery could contain a recoverable oil potential of 300 million barrels of oil. As a result, Willow could produce up to 100,000 bpd of oil and first oil could come by 2023.
ConocoPhillips has a 78% working interest in the play while Anadarko Petroleum (NYSE:APC) holds a 22% interest....
(Excerpt) Read more at seekingalpha.com ...
Gee, Obama’s still got a few days left. Maybe he can ban drilling here, too.
He is trying very hard. BTW this oil is sweet crude, easier to pump out in colder temps.
The pipeline has only been at a third of its capacity for years.Sure this will make jobs, for Alaskans.
Its VERY hard to just drop right into Alaska nowadays and expect to get a good job.
Its bad enough the liberal infestation the last couple of years.
Great news! Thanks for posting.
ConocoPhillips was integrated before they spun off the downstream to create Phillips66 a few years back to become a pure play E&P,
Really not a smart move in my opinion unless the price of oil stabilizes above $60 a barrel, then their printing dollars. Not being as diversified has hurt them with the collapse of oil prices,
This should be a boost to the stock price to the mid $50s.
They have excellent shale acreages in numerous locations in North America if they can only pay down their debt,
Well positioned for a recovery if it should come in 2017,
God’s will.
I own some BPT but my guess is that this won’t benefit from this oil, I don’t think. It is worth checking on.
Re: “...first oil could come by 2023.”
Yikes!
Six years to bring in a well?
Is there any kind of financial relationship between BP (American Depositary Receipt) and BPT?
My grandfather bought Standard Oil of Indiana (Amoco) stock in the early 1920s and reinvested 100% of the dividends.
My Dad did the same thing, and put all the stock in a family Trust.
BP bought Amoco around 1999.
Around 2009, BP’s Gulf of Mexico deep well blew up, and our BP stock lost 50%.
That was a completely staggering loss of money for my family after more than 80 years of steady growth and dividends from Amoco (Standard Oil Indiana).
That is the Unit where my Sister got bit!
Man, I’ll bet NOBODY ever imagined that there had been this many dinosaurs!
Greater Mooses Tooth unit. I see what you did there.
Amoco was essentially destroyed by BP’s “go cheap” operating methods. After the Gulf disaster and taking into account their refinery clumseyness that also claimed lives, BP should have been asked to leave the US and sell off the former Amoco assets.
Suspect the 6 year time frame is due to restricted operating window due to weather and enviro regs, time to build infrastructure (pipelines to bring oil from well to Trans Alaska Pipeline, electric power to pumps etc.), and permitting turnaround times.
Those dinosaurs sure were some greasy rascals weren’t they?
I'm so sorry. Here, if you have a milkshake, and I have a milkshake, and I have a straw. There it is, that's a straw, you see? Watch it. Now, my straw reaches acroooooooss the room and starts to drink your milkshake. I... drink... your... milkshake. I drink it up!
During the warmer months that ground turns into mush meaning no equipment moving, only when frozen solid can trucks and equipment roll. There’s a convoy of vehicles going to and from rigs once they start drilling.
Power is less of a concern, most of that comes from the well itself. Motors running off of casing gas and gas lift wells are self supporting.
Your sister got bit on her unit?
That must have been painful.
Alaska Ping!
Just what I was thinking!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.