Conoco Gives Guidance on Alaska Deal Output
US major ConocoPhillips announced June 4 that approvals have been obtained for the previously announced bolt-on acquisition of Anadarko Petroleum Corporation’s 22% lease interests in the Western North Slope of Alaska.
In the first quarter of 2018, production associated with the purchase was 11,000 barrels of oil equivalent (boe)/day. The expected impact on second-quarter production is 5,000 boe/d based on a May 17, 2018 start date. This production was not included in prior guidance, it said.
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The deal gives it 100% of some 1.2mn acres of exploration and development lands, including the Willow discovery, which it said last year could produce 100,000 barrels/day. Approval of the assignment of the lease interests was finalised on May 30, 2018, ConocoPhillips said.
The previously announced price of $400mn before customary adjustments was paid in the first quarter of 2018. The expenditure, net of customary adjustments, will be reported as capital in the second quarter of 2018.