"The Drill Site 3S (Palm) oil accumulation effectively extends the Kuparuk field on Alaska's North Slope approximately three miles to the northwest," ConocoPhillips said. The Kuparuk accumulation is estimated to contain an additional 35 million barrels of recoverable reserves.
ConocoPhillips said this development will help it meet its stated objective of keeping its Alaskan production between 375,000 and 400,000 barrel of oil per day for the next several years.
Kuparuk, which began production in 1981, is the second largest oil field in North America. The Greater Kuparuk Area, which includes four satellite fields, currently produces approximately 210,000 bopd.
ConocoPhillip's Alaskan subsidiary, operator of the Kuparuk field, holds a 55.17% interest; BP Exploration holds 39.19% while Unocal, ExxonMobil and Chevron each hold minor interests.
