The majority of North Slope infrastructure is financed, constructed, and maintained by private entities to support their oil exploration and production activities. Despite North Slope explorers and operators always having an eye on efficiency, some infrastructure (such as processing facilities) isn’t well suited for sharing among multiple companies. However, other infrastructure does lend itself to common use, such as roads and pipelines.
Construction begins this year, with drilling next year, at ConocoPhillips’ Nuna project, just east of Colville River, using a drill site in the Kuparuk River Unit.
ConocoPhillips Alaska reported net income of $416 million in the first quarter of 2023, as the company ramps up development of the Willow field.
The Biden administration approved a scaled-down plan for ConocoPhillips’ Willow project while announcing further restrictions on North Slope oil development.
ConocoPhillips Alaska’s optimization of new technologies and commitment to sustainable development has enabled it to reduce its footprint in the environment by extending drilling from fewer well pads, providing increased revenue and employment opportunities in the state.
The final investment decision is “yes” for Australian oil company Santos to proceed with developing the Pikka Project on the North Slope.
The timeline for the Pikka project appears to be slipping since the arrival of a new majority partner, Santos, late last year.
The Greater Mooses Tooth #2 drill site in the National Petroleum Reserve-Alaska has achieved first oil production, according to ConocoPhillips Alaska.
ConocoPhillips’ size and dominance in Alaska weren’t enough to inoculate it from the effects of the COVID-19 pandemic; however, 2021 was a “reset” year for the company, which produced approximately 208,000 barrels of oil equivalent per day in Q1 with an average price of $60 per barrel.
From spearing new prehistoric pools of crude oil to reworking a field to extract oil deposits previously untapped, drilling rigs are the machines that power the oil and gas industry. But, like any machine, they require significant maintenance and care to keep operating at maximum efficiency.