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ConocoPhillips announces expected oil output volume

Oil&Gas Materials 29 October 2019 16:51

BAKU, Azerbaijan, Oct.29

By Leman Zeynalova – Trend:

Fourth-quarter 2019 oil production of ConocoPhillips is expected to be 1,265 to 1,305 thousand barrels of oil equivalent (MBOED), Trend reports citing the company’s data.

The guidance excludes Libya and reflects the impacts from the completed U.K. divestiture.

The report released by ConocoPhillips shows that production excluding Libya for the third quarter of 2019 was 1,322 MBOED, a 98 MBOED increase over the same period a year ago.

“Adjusting for closed dispositions and acquisitions, underlying production increased 83 MBOED primarily due to production growth from the Big 3 unconventionals, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 44 MBOED,” said the company.

In the Lower 48, production from the Big 3 unconventionals averaged 379 MBOED. The company also completed construction and commissioning of the Montney Phase 1 gas plant in Canada, with startup awaiting completion of a third-party pipeline. In Malaysia, production from the Kebabangan Field continued ramping up and first oil was achieved from Gumusut Phase 2. Turnarounds were completed during the quarter in Alaska, Malaysia and Norway.

Production excluding Libya for the first nine months of 2019 was 1,310 MBOED, an 89 MBOED increase from 1,221 MBOED for the 2018 period. Adjusting for closed dispositions and acquisitions, underlying production increased 69 MBOED primarily due to growth from the Big 3 unconventionals, development programs and major projects in Alaska, Europe and Asia Pacific. This growth more than offset normal field decline. Production from Libya averaged 43 MBOED for the first nine months of 2019.

ConocoPhillips is the world’s largest independent exploration and production company based on production and proved reserves.

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