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Report: ConocoPhillips approves $900M Arctic reserve project

Nov. 19, 2015 9:19 AM ETConocoPhillips (COP) StockCOP, APCBy: Carl Surran, SA News Editor11 Comments
  • ConocoPhillips (NYSE:COP) has approved funding for its $900M Greater Mooses Tooth development on Alaska's North Slope, Alaska Dispatch News reports.
  • Production is expected to begin in 2018 at the field in the National Petroleum Reserve-Alaska, and would mark the first time oil has flowed from federal lands on the reserve.
  • COP will operate the field as majority owner, with Anadarko Petroleum (NYSE:APC) holding a 22% interest; the companies own similar stakes in the CD5 project within the reserve boundaries on land owned by Alaska Native corporations.
  • The project is expected to yield 30K bbl/day of oil at its peak.

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