ConocoPhillips added 920 MMBoe of net proved reserves through the drillbit in 2010, the producer said Tuesday.
The Houston-based company’s exploration and production (E&P) segment is expected to report an organic reserve replacement ratio of 139% for last year.
The drillbit additions are “attributable to the execution of our major projects, including development of unconventional North American resources,” said CEO Jim Mulva. “We concentrated much of our drilling and development activity on liquids prospects, given the strength of the oil market, and succeeded in adding significant reserves from our oilsands properties in Canada and our assets in Alaska.
“In addition, significant gas reserves were added in Qatar. These successes reconfirm the viability of our strategic focus on organic development.”
Acquisitions and dispositions in 2010 are expected to reduce total reserves by 2.2 billion boe, primarily reflecting the company’s divestment in Russia’s OAO LUKOIL, ConocoPhillips said.
E&P segment production for the year is expected to be 665 MMBoe, including fuel gas. LUKOIL production is expected to be 110 million boe.
ConocoPhillips, which is scheduled to issue its quarterly and year-end results on Wednesday, expects to end 2010 with 8.3 billion boe of proved reserves.
©Copyright 2011Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.
© 2020 Natural Gas Intelligence. All rights reserved.
ISSN © 1532-1231 | ISSN © 2577-9877 |