ConocoPhillips Starts Production from the Eldfisk II Project
Stavanger – ConocoPhillips commenced production from the Eldfisk 2/7 S (Eldfisk II) platform on 3 January 2015. The startup timing of Eldfisk II is in line with the plan for development and operation (PDO) approved on 9 June 2011 by the Storting (Norwegian Parliament).
This project includes plans to drill 40 new production and water injection wells that will improve recovery and maintain stable production from the Eldfisk field for years to come.
One of four pre-drilled wells is currently online, with the remaining three anticipated to come on stream this month. The Maersk Innovator drilling rig will drill the remaining wells over the coming years.
In October 2013, the wellhead platform Ekofisk 2/4 Z (Ekofisk South) started production in the Ekofisk field. The new field center and accommodation platform Ekofisk 2/4 L, featuring 552 individual cabins, also opened 1 April 2014.
“After 43 years of production from the Greater Ekofisk Area, we are now preparing Ekofisk and Eldfisk for another 40 years,” said Steinar Våge, president, ConocoPhillips Europe. “We are following the schedules and budgets that formed the decision-making basis for the owners and the Norwegian authorities in their approval of the projects. I am proud of the efforts made by our company, and by contributing suppliers and subcontractors. I am convinced that the remaining work will be performed just as safely and with the same high quality.”
The Eldfisk II project also represents extensive modifications and reconstruction of existing platforms and infrastructure on Eldfisk. The four platforms - Eldfisk 2/7 A, 2/7 B, 2/7 FTP and 2/7 E -- have undergone various degrees of modifications, and are prepared for extended lifetime, together with the new Eldfisk 2/7 S platform. New pipelines connect the infrastructure, and a new power and fiber optic cable can transfer up to 20 MW between Ekofisk 2/4 Z and Eldfisk 2/7 S. This will increase energy efficiency between the fields in the Greater Ekofisk Area.
--- # # # ---
Production license 018 Co-Venturers:
ConocoPhillips Skandinavia (operator) 35.11 percent
Total E&P Norge AS 39.90 percent
Eni Norge AS 12.39 percent
Statoil Petroleum AS 7.60 percent
P
etoro AS 5.00 percent
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 27 countries, $55 billion in annualized revenue, $119 billion of total assets, and approximately 19,000 employees as of Sept. 30, 2014. Production from continuing operations, excluding Libya, averaged 1,520 MBOED for the nine months ended Sept. 30, 2014, and proved reserves were 8.9 billion BOE as of Dec. 31, 2013. For more information, go to www.conocophillips.com.
Contact
Stig S. Kvendseth
+47 52 02 12 01
+47 959 45 177
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press 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.