Profile: ConocoPhillips (COP)
27 Jan 2015
ConocoPhillips, incorporated on November 16, 2001, is an independent exploration and production (E&P) company, based on proved reserves and production of liquids and natural gas. The Company explores for, produces, transports and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG) and natural gas liquids on a worldwide basis. As of December 31, 2013, its continuing operations were producing in the United States, Norway, the United Kingdom, Canada, Australia, Timor-Leste, Indonesia, China, Malaysia, Qatar, Libya and Russia. The Company manages its operations through six operating segments, which include Alaska, Lower 48 and Latin America, Canada, Europe, Asia Pacific and Middle East, and Other International. In July 2014, it completed the transaction with Oando Energy Resources (OER), a subsidiary of Oando PLC, for the sale of its Nigeria upstream business. In July 2014, Oando Energy Resources Inc acquired the Nigerian Upstream Oil and Gas Business of ConocoPhillips.
The Alaska segment primarily explores for, produces, transports and markets crude oil, natural gas liquids, natural gas and LNG. The Company is the crude oil and natural gas producer in Alaska and has major ownership interests in two of North America’s largest oil fields located on Alaska’s North Slope: Prudhoe Bay and Kuparuk. The Company also has a operating interest in the Alpine Field, located on the Western North Slope. The Greater Prudhoe Area includes the Prudhoe Bay Field and five satellite fields, as well as the Greater Point McIntyre Area fields. Prudhoe Bay, the largest oil field on Alaska’s North Slope, is the site of a large waterflood and enhanced oil recovery operation, as well as a gas processing plant which processes natural gas for reinjection into the reservoir. It operates the Greater Kuparuk Area, which consists of the Kuparuk Field and four satellite fields: Tarn, Tabasco, Meltwater and West Sak. Kuparuk is located 40 miles west of Prudhoe Bay.
On the Western North Slope, the Company operates the Colville River Unit, which includes the Alpine Field and three satellite fields: Nanuq, Fiord and Qannik. Alpine is located 34 miles west of Kuparuk. It operates the North Cook Inlet Unit, the Beluga River Unit, and the Kenai LNG Facility in the Cook Inlet Area. The Kenai LNG Facility includes a 1.3 million-tons-per-year capacity plant, which historically manufactured LNG for sale to utility companies in Japan, as well as docking and loading facilities, which enable the LNG to be transported by tanker. It owns a 5% interest in the Point Thomson Unit, which is located approximately 60 miles east of Prudhoe Bay. The AKLNG Project concept is an integrated LNG project consisting of a liquefaction plant, including marine terminal facilities and auxiliary marine vessels, located in south-central Alaska; a natural gas treatment plant, located on the North Slope, and an estimated 800-mile natural gas pipeline, which would connect the two plants.
Lower 48 and Latin America
The Lower 48 and Latin America segment primarily consists of operations located in the United States Lower 48 states, as well as exploration activities in the Gulf of Mexico and Colombia. The Company holds 13.1 million net acres of onshore conventional and unconventional acreage in the Lower 48, the majority of which is either held by production or owned by the Company.
The Company’s Canadian operations consist of natural gas fields in western Canada and oil sands developments in the Athabasca Region of northeastern Alberta. As of December 31, 2013, operations in Canada contributed 17% of its worldwide liquids production and 20% of its natural gas production. Its operations in western Canada primarily consist of three core development areas: Deep Basin, Kaybob and Clearwater, which extend from central Alberta to northeastern British Columbia. It operates ownership interests in approximately 80 natural gas processing plants in the region, and, as of December 31, 2013, held leasehold rights in 5.7 million net acres in western Canada. It hold approximately 0.9 million net acres of land in the Athabasca Region of northeastern Alberta. It has a 55% operating interest in the Amauligak discovery, which lies approximately 30 miles offshore in shallow water in the Beaufort Sea. It holds exploration acreage in four areas of Canada: offshore eastern Canada, onshore western Canada, the Mackenzie Delta/Beaufort Sea Region and the Arctic Islands.
The Europe segment consists of operations principally located in the Norwegian and United Kingdom sectors of the North Sea, as well as exploration activities in Poland and Greenland. The Greater Ekofisk Area is located approximately 200 miles offshore Stavanger, Norway in the North Sea, and comprises four producing fields: Ekofisk, Eldfisk, Embla and Tor. The Alvheim development is located in the northern part of the North Sea and consists of a floating production, storage and offloading (FPSO) vessel and subsea installations. The Heidrun Field is located in the Norwegian Sea. Produced crude oil is transported to Mongstad in Norway and Tetney in the United Kingdom by double-hulled shuttle tankers. Britannia is a natural gas and condensate fields in the North Sea. In addition to its interest in the Britannia Field, it owns 50% of Britannia Operator Limited, the operator of the field. The J-Area consists of the Judy/Joanne, Jade and Jasmine fields, located in the United Kingdom Central North Sea. It owns a 24% interest in the Clair Field, located in the Atlantic Margin.
Asia Pacific and Middle East
The Asia Pacific and Middle East segment has exploration and production operations in China, Indonesia, Malaysia, Australia and the Timor Sea; producing operations in Qatar; and exploration activities in Bangladesh and Brunei. Australia Pacific LNG Pty Ltd (APLNG), the Company’s joint venture with Origin Energy Limited and China Petrochemical Corporation (Sinopec), is focused on producing CBM from the Bowen and Surat basins in Queensland, Australia, and converting the CBM into LNG. The Bayu-Undan gas condensate field is located in the Timor Sea Joint Petroleum Development Area between Timor-Leste and Australia. It also operates and owns a 56.9% interest in the associated Darwin LNG Facility, located at Wickham Point, Darwin.
The Athena production license (WA-17-L) is located offshore Western Australia and contains part of the Perseus Field which straddles the boundary with WA-1-L, an adjoining license area. The Company has a 30% interest in the Greater Sunrise gas and condensate field located in the Timor Sea. It operates five production sharing contracts (PSCs) in Indonesia: the offshore South Natuna Sea Block B and four onshore PSCs, the Corridor Block and South Jambi B, both located in South Sumatra, Warim in Papua. Its producing assets are primarily concentrated in two core areas: South Natuna Sea and onshore South Sumatra. The offshore South Natuna Sea Block B PSC has three producing oil fields and 16 natural gas fields in various stages of development. The Corridor PSC consists of five oil fields and seven natural gas fields in various stages of development. Natural gas is supplied from the Grissik and Suban gas processing plants to the Duri steamflood in central Sumatra and to markets in Singapore, Batam and West Java. It owns and operates an 80% interest in the Warim onshore exploration PSC in Papua. The Peng Lai 19-3, 19-9 and 25-6 fields are located in Bohai Bay Block 11/05. The Panyu development, located in the South China Sea, is comprised of three oil fields: Panyu 4-2, Panyu 5-1 and Panyu 11-6.
The Company owns interests in five deepwater PSCs in Malaysia. Four are located off the eastern Malaysian state of Sabah: Block G, Block J, the Kebabangan Cluster (KBBC) and SB-311. It owns a 30% interest in the KBBC PSC. It owns a 40% operating interest in SB-311, an exploration block encompassing 259,000 acres offshore Sabah. It holds 100% interests in two deepwater blocks in the Bay of Bengal, Blocks 10 and 11. The Waha Concession consists of multiple concessions and encompasses nearly 13 million gross acres in the Sirte Basin. It has a 50% operating interest in Block 36 and a 30% operating interest in Block 37, both of which are located in Angola’s subsalt play trend. The two blocks total approximately 2.5 million acres.
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