Houston, Texas (KINY) ConocoPhillips 2018 winter exploration and appraisal program did better than expected.
The original plan was to drill five wells on the Western North Slope that includes two appraisal wells of the Willow Discovery announced in January, 2017. They also planned to drill three exploration wells.
The company announced that due to improved drilling efficiencies, the company was able to drill six wells, including an additional Willow appraisal well.
The new wells have a production potential of 300 million barrels of oil
The three exploration wells represent new discoveries for the company and further extend the play concept across the Western North Slope.
As part of the exploration program, a total of five production flow tests were conducted. Results from all five tests were encouraging.
The company will assess the extensive information and results from this winter’s activities in anticipation of another active exploration and appraisal season in 2019.
ConocoPhillips is the world's largest independent E&P company based on production and proved reserves. They currently employ 11,400 employees.