Conocophillips News

PetroChina Takes Stake in Australian Offshore Exploration

PetroChina Company signs agreements with ConocoPhillips to take interests in W. Australian exploration assets & a JSA in China. Under these agreements, PetroChina will acquire 20% interest in the Poseidon offshore discovery in the Browse Basin, and 29% interest in the Goldwyer Shale onshore Canning Basin. In addition, PetroChina and ConocoPhillips will enter into a Joint Study Agreement (JSA) to study unconventional gas resource in the Neijiang-Dazu Block in China’s Sichuan Basin. The agreements still require government and partner approvals. The signing of these agreements marks

Aker Solutions Awarded Two MMO Contracts

Aker Solutions' maintenance, modifications and operations (MMO) business in Norway secured two contracts for work at North Sea fields operated by ConocoPhillips. The company received a framework agreement for a fixed period of five years to become ConocoPhillips' main supplier of maintenance and modifications work offshore Norway. The agreement may be extended by up to three years and covers work on all installations at the Ekofisk and Eldfisk fields offshore Norway, starting in February. The contract value depends on how much maintenance and modifications work is undertaken over the next five

CAN inspectors carry out close visual and ultrasonic inspections as part of a conductor survey.

CAN-DO Approach Leads to £200m of Contract Renewals

approximately £200million, following competitive re-tendering. These two contracts, coupled with an increase in business, will lead to the safe-guarding of 150 jobs. The Aberdeen headquartered business has been awarded a five year contract for the provision of asset integrity services to ConocoPhillips and a three year contract for the provision of topsides inspection and integrity support services with Apache in the North Sea. Both contracts have options to extend for up to a further four years. Following a competitive tender, ConocoPhillips has renewed its contract with CAN, held since

Offshore rig worker: File photo

PSA Audit of ConocoPhillips' Ekofisk Rig Safety in Order

The Petroleum Safety Authority Norway (PSA) informs that it has carried out an audit of ConocoPhillips which focused on the company's preparations and plans for permanent plugging and abandonment of the wells at Ekofisk 2/4 in the Norwegian sector of the North Sea. Objective
 PSA explains that the objective of the audit was to follow up the well-specific assessments used as a basis for planning of the plugging operations, identified challenges and the company's follow-up thereof, the siting of barriers and verification of risk assessments, competence and training. Result
No non-conformities were

Myanmar Awards Statoil, Conoco Phillips Deepsea Exploration Contract

  Myanmar has awarded contracts to international oil majors Statoil and ConocoPhillips for oil and gas exploration in a deepwater offshore block, the official Kyemon Daily said on Sunday. The Myanmar newspaper said the two companies' regional subsidiaries - Singapore-registered Statoil Myanmar Private Ltd and ConocoPhillips Myanmar E&P Pte. Ltd. - agreed to invest $323 million in oil and gas exploration in Deepsea Block AD.10, off Myanmar's western Rakhine coast. Under the contracts, signed last week, production sharing agreements would span eight years. The companies will have to

Photo: ConocoPhillips

Conoco Cutting Deepwater Spending

ConocoPhillips said on Thursday it will reduce future spending on deepwater drilling due to low crude oil prices while raising its dividend one cent.   The largest spending reductions will come in the Gulf of Mexico, where the Houston-based company said it will terminate a three-year contract for an Ensco deepwater drill ship that was due to be delivered late this year.   Conoco said it raised its quarterly dividend to 74 cents per share from 73 cents per share.     (Reporting by Anna Driver, editing by G Crosse)

ENSCO DS-9 Drillship

ENSCO DS-9 Drillship Contract Update

  ConocoPhillips today for its convenience provided a notice of termination for the three-year ENSCO DS-9 drillship contract. Under the terms of the contract, ConocoPhillips is obligated to pay Ensco termination fees monthly for two years equal to the operating day rate of approximately $550,000, which may be partially defrayed should Ensco re-contract the rig within the next two years and/or mitigate certain costs during this time period while the rig is idle and without a contract. ConocoPhillips is also contractually obligated to reimburse certain costs that Ensco incurs due to the

Mærsk Innovator

Maersk Innovator Contract Extended on Eldfisk

  Maersk Drilling has been awarded a contract extension for the jack-up rig Mærsk Innovator with ConocoPhillips Norway for work on the Eldfisk field, part of the greater Ekofisk area, offshore Norway. The duration of the contract extension is 16 months. The extension is in direct continuation of the current contract expiring in February 2017, thus keeping the rig continuously contracted until June 2018. The estimated value of the contract extension is USD 142m. “We are very pleased to see the Mærsk Innovator continue to work for ConocoPhillips,” says Claus V.

Naming ceremony: Photo credit Maersk Drillijng

Maersk Drilling Name Two New Ultra-Deepwater Drillships

Maersk Drilling say that their second and third ultra-deepwater drillships have been named in a ceremony held at the Samsung Heavy Industries (SHI) shipyard in Geoje-Si, South Korea. Lisa Lance, wife of Ryan M. Lance, chairman and chief executive officer, ConocoPhillips had the honour of naming Maersk Valiant, and Annell R. Bay, Vice President Global Exploration, Marathon Oil Corporation  of naming Maersk Venturer. Maersk Drilling explain that the Maersk Valiant and Maersk Venturer are the second and third in a series of four ultra deepwater drillships to enter their rig fleet. The four

Photo courtesy of JDR

JDR Wins Subsea Umbilical Contract

JDR Cable Systems Limited has won a contract for the manufacture of subsea production umbilicals from ConocoPhillips – an American multinational energy corporation headquartered in Houston, Texas. The umbilicals will be deployed in Phase 3 of the Bayu-Udan Field development in the Joint Petroleum Development Area (JPDA) of the Timor Sea.   JDR’s scope of work includes delivery of three sections of electro-hydraulic umbilicals, with a total length of 29km. The umbilicals will be used for control and chemical distribution to two new subsea production wells. JDR will also provide the

Norway - Ekofisk Complex

First Oil from Eldfisk II

  ConocoPhillips achieved its first oil production from the Eldfisk II project in the Norwegian North Sea. "Eldfisk II joins Ekofisk South as the second major project startup in Norway since late 2013," said Matt Fox, executive vice president, Exploration and Production.  "These projects will increase ultimate resource recovery and extend the field life of this premier legacy asset for years to come." Eldfisk II, along with Ekofisk South and other projects offshore Norway, will add approximately 60,000 barrels of oil equivalent per day to the company's production

Peter Colemanm CEO Photo Woodside

Woodside Buys ConocoPhillips’s Senegal interests

Woodside completed the transaction to buy 100% of the shares in ConocoPhillips Senegal B.V. The total purchase price was US$350 million plus net customary adjustments of approximately US$90 million. Woodside CEO Peter Coleman said the acquisition was an exciting addition to Woodside’s global growth portfolio. “We look forward to working with the Government of Senegal and joint venture participants Cairn Energy, FAR Limited, and Petrosen, the Senegal National Oil Company, to progress the commercial development of the SNE and FAN discoveries. “Woodside will bring to the

Photo: Statoil

Norway's Statoil to Exit Alaska

Norwegian oil major Statoil said on Tuesday it will pull out of Alaska as its exploration leases in the Chukchi Sea no longer looked competitive.   "Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities," Statoil exploration chief Tim Dodson said in a statement.   The firm will exit 16 Statoil-operated leases, and its stake in 50 leases operated by ConocoPhillips.     (Reporting by Stine Jacobsen)

Update: Statoil Follows Shell out of Alaska

during the worst price crash in six years. Businesses, politicians and environmental groups have squared off over drilling in the Arctic, which is widely believed to have large undiscovered oil resources.   Statoil said it will exit 16 leases it operates and its stake in 50 leases operated by ConocoPhillips.   "Since 2008, we have worked to progress our options in Alaska. Solid work has been carried out, but, given the current outlook, we could not support continued efforts to mature these opportunities," Statoil exploration chief Tim Dodson said in a statement.   When it

An Olgoonik/Fairweather vessel crew safely deploys scientific equipment on the Chukchi Sea from the scientific research vessel R/V Westward Wind. (Photo: Olgoonik/Fairweather)

Olgoonik/Fairweather Recognized for CSESP Contributions

Olgoonik/Fairweather, LLC is being honored by the 2015 Arctic Technology Conference (ATC) with a Distinguished Achievement Award for its contribution to the Chukchi Sea Environmental Science Program (CSESP).   The award, shared by ConocoPhillips, Shell and Statoil, recognizes the co-design and safe operation of one of the largest multidisciplinary science programs in the world. Having just completed its seventh year, the CSESP is operated by Olgoonik/Fairweather and supported by ConocoPhillips, Shell and Statoil.  The CSESP is focused on characterizing pre-exploration baseline information

Oil Platform Hook-up, Commissioning Contract for Kvaerner

ConocoPhillips confirms options in the Eldfisk 2/7 S topside contract for Kvaerner to perform offshore hook-up & commissioning assistance. In March 2011, Kvaerner was awarded a contract by ConocoPhillips to perform engineering, procurement and construction (EPC) of the topside for the Eldfisk 2/7 S platform in the North Sea, with an estimated contract value of NOK 5.5 billion. ConocoPhillips has now confirmed options in the contract to perform offshore hook-up and commissioning assistance, which will add approximately NOK 400 million to the contract value. The topside consists of one combined

N.Sea's Gullfaks, Stafjord, DUC to Shut for Maintenance

The Statfjord and Gullfaks oilfields in the Norwegian North Sea will shut down for maintenance from late May until the second half of June for maintenance, operator Statoil told Reuters on Thursday.   Separately, Maersk Oil, a subsidiary of shipping giant Maersk, said its production platforms in the Danish North Sea would be shut for around 12 days in June for maintenance.   ConocoPhillips also said its Eldfisk project would be shut for a "handful of days" this year. (Reporting by Gwladys Fouche; Editing by Balazs Koranyi)

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