Conoco to Start Drilling at Poseidon Discovery

ConocoPhillips is likely to begin a drilling program at its Browse Basin joint venture project within two months.

The company plans to start a five to seven-well appraisal program around the Poseidon discovery.

Conoco and Karoon Gas are jointly developing the project.

The drilling program is expected to take 18 to 24 months, as the company defines the size of the resource to reduce risk before making a final decision on investment.

Meanwhile, ConocoPhillips may also cut back some production because of falling gas prices.