Other International and Exploration - ConocoPhillips
Other International and Exploration Fact Sheet—March 2017 2016 Resources
The Other International segment and Exploration cover a balanced, global portfolio of high-quality conventional and unconventional exploration opportunities.
46
ConocoPhillips has proved reserves of approximately 6.4 billion barrels of oil equivalent (BOE) and a large, diverse, low cost of supply resource base that provides the company with significant flexibility for future growth. In 2016, ConocoPhillips re-focused its exploration strategy, emphasizing flexibility and discovering new barrels that are accretive to its existing low cost of supply portfolio. The company will focus exploration activity in select existing business units—Alaska, Lower 48, Malaysia and Norway— where the company can leverage existing infrastructure and experience. ConocoPhillips will also concentrate on international exploration opportunities that provide both scale and flexibility, with international new venture activity ongoing in Chile and Colombia.
Billion
barrels of oil equivalent
2016 Undeveloped Acreage
24
Million net acres
ConocoPhillips—Undeveloped Acreage at Dec. 31, 2016 Region
Gross
Net
(Thousands of Acres)
(Thousands of Acres)
Alaska
683 469
Lower 48
10,479 8,475
Canada
10,122 4,438
Europe and North Africa
14,764 2,659
Asia Pacific and Middle East
16,848 7,216
Other International
487 264
ConocoPhillips Total
53,383
2016 Proved Reserves by region
23,521
2016 Proved Reserves
2016 Resources
2014 2014Proved ProvedReserves Reserves 8.9 8.9BBOE BBOE
2014 2014Proved ProvedReserves Reserves bybyregion region
6.4 BBOE
46 BBOE
20%
20%
19%
16%
Asia Pacific & Middle East
Alaska
Non OECD
Natural Gas
12%
25%
Europe & North Africa
9%
75%
LNG
Liquids
Lower 48
23%
81% OECD
Canada
Proved reserves and resources reflect total company performance. Natural gas resources targeted toward liquefied natural gas are depicted as LNG. OECD refers to member countries of the Organisation for Economic Co-operation and Development. See page 8 for Cautionary Statement pertaining to the use of this fact sheet.
1
Other International and Exploration Fact Sheet—March 2017
Existing Business Units Alaska
Greater Mooses Tooth Unit
Alaska
In 2016, ConocoPhillips drilled two exploration wells that encountered significant pay in the Greater Mooses Tooth Unit. The discovery, Willow, is located in the northeast portion of the NPR-A. Appraisal of the discovery commenced in January 2017 with the acquisition of state-of-the-art 3-D seismic.
NPR-A ANWR
Arctic Ocean
Beaufort Sea
Willow Discovery
Bear Tooth Unit
Lower 48
Point Thomson
0
50 Miles
ConocoPhillips Acreage
ConocoPhillips Acreage Pending Lease Issuance
Lower 48
Onshore
ConocoPhillips’ total acreage position in the Lower 48 unconventional plays is approximately 2.6 million net acres. The company’s onshore exploration focus areas in the United States include the Niobrara in the Denver-Julesburg Basin, and the Permian in the Delaware, NW Shelf, Central Platform and Midland Basins, as well as several emerging plays.
Niobrara
During 2016, ConocoPhillips drilled five operated unconventional exploration wells, primarily in the Eagle Ford. The company continues to assess and appraise these and other unconventional opportunities.
Permian
0
200 Miles
2
Prudhoe Bay
Artic National Wildlife Refuge
2016 NPR-A and State Lease Sales In the fourth quarter of 2016, ConocoPhillips submitted high bids on approximately 740,000 gross acres in the NPR-A and State of Alaska North Slope Lease Sales.
Kuparuk River
Colville River
Greater Mooses Tooth
National Petroleum Reserve-Alaska
In 2013, ConocoPhillips drilled and tested a new oil discovery in the Bear Tooth Unit in the northeast NPR-A, which is currently being evaluated for further development potential.
Bear Tooth
ConocoPhillips Acreage
Malaysia
Malaysia
The company's involvement in Malaysia began in 2000 and consists of interests in six blocks in varying stages of exploration, development and production. Three of these blocks are located off the eastern Malaysian state of Sabah: Block G, Block J and the Kebabangan (KBB) Cluster. The last three blocks, Deepwater Block 3E, Block SK313 and Block WL4-00 are operated by ConocoPhillips and are located offshore Sarawak.
SNP
Malikai
J
3E
G
KMEUC KME KBB
Pisagan
G
Block G
Limbayong Operator: Shell (35.0%) Co-venturers: ConocoPhillips (35.0%), PETRONAS (30.0%) The Limbayong-1 well was drilled in 2002 and resulted in a gas discovery. The Limbayong-2 appraisal well was drilled in November 2013 and resulted in an oil discovery. Development options are being evaluated.
KBB Cluster PSC
South China Sea
L imbayong
Gumusut
SK313
Salam
WL4-00
BRUNEI
MALAYSIA 0
100 Miles
Kebabangan (KBB) Cluster
Kebabangan, Kamunsu East and Kamunsu East Upthrown Canyon Operator: Kebabangan Petroleum Operating Company Co-venturers: PETRONAS (40.0%), ConocoPhillips (30.0%), Shell (30.0%) The KBB Cluster PSC was signed in 2007 for appraisal and development of the Kebabangan (currently producing), Kamunsu East and Kamunsu East Upthrown Canyon gas and condensate fields. The Kamunsu East Field was successfully appraised in 2013.
ConocoPhillips Acreage
Oil Field
Gas Field
Deepwater Block 3E
Operator: ConocoPhillips (50.0%) Co-venturers: KUFPEC (35.0%), PETRONAS (15.0%) In November 2013, ConocoPhillips was awarded operatorship of this 480,000-grossacre exploration block offshore Sarawak. Seismic processing and reprocessing were completed in 2015. The Langsat-1 exploration well was spud in February 2017.
Block WL4-00
Salam Operator: ConocoPhillips (50.0%) Co-venturer: PETRONAS (50.0%) In January 2017, ConocoPhillips was awarded operatorship of this 629,000-gross-acre exploration block offshore Sarawak. The block includes the Salam-1 oil discovery. A new 3-D seismic survey is planned for 2017, with drilling of an appraisal well planned in 2018.
Block SK313
Operator: ConocoPhillips (50.0%) Co-venturer: PETRONAS (50.0%) In the fourth quarter of 2016, ConocoPhillips entered a farm-in agreement to acquire an interest in and operatorship of Block SK313, a 1.4 million-gross-acre exploration block offshore Sarawak. Following completion of the Sadok-1 exploration well in January 2017, ConocoPhillips assumed operatorship of the block from PETRONAS.
3
Other International and Exploration Fact Sheet—March 2017
Norway
Barents Sea and North Sea In 2016, ConocoPhillips participated in two nonoperated exploration and appraisal wells in the Oseberg and Alvheim areas. Both wells were discoveries and are currently undergoing evaluation. In 2016, the company was awarded three exploration licenses: PL845, PL782SB and PL859.
Norway
PL859 PL218 PL845
Barents Sea Heidrun Norwegian Sea NORWAY
FINLAND
0 SWEDEN
100 Miles
Visund NORWAY
Troll Bergen Oseberg Alvheim PL782S Grane
SWEDEN Stavanger
Greater Ekofisk Area 0
100
DENMARK
Miles North Sea ConocoPhillips Acreage
4 GERMANY
International New Ventures Colombia
Middle Magdalena Basin
• VMM-3 Operator: ConocoPhillips (80.0%) Co-venturer: Canacol (20.0%) In 2015, ConocoPhillips assumed operatorship of the VMM-3 Block, which extends over approximately 67,000 net acres. The block contains the Picoplata 1 well, which was drilled in 2014 and 2015. In 2016, ConocoPhillips commenced production testing operations at the Picoplata 1 well. Continued testing and evaluation is planned through 2017. • VMM-28 The company holds a 30 percent nonoperated interest, which is in the process of being terminated with relevant parties and the regulatory agency. • Santa Isabel Operator: : Canacol (30.0%) Co-venturer: ConocoPhillips (70.0%) In 2016, the relinquishment of the Santa Isabel Block was accepted and the parties are in the process of documenting such relinquishment.
Colombia Middle Middle Magdalena Magdalena Basin Basin
VMM-3 VMM-3 Bogota Bogota
00
1515
COLOMBIA COLOMBIA
Miles Miles
00
200 200 Miles Miles
ConocoPhillips ConocoPhillips Acreage Acreage
5
Other International and Exploration Fact Sheet—March 2017
Chile
Coiron Block
Chile Austral-Magallanes Basin
Operator: Empresa Nacional Del Petroleo (51.0%) Co-venturer: ConocoPhillips (49.0%) In 2015, ConocoPhillips acquired a nonoperated 5 percent interest in the Coiron Block in the Magallanes Basin covering approximately 400,000 gross acres. The company’s entry into the Coiron Block provides stacked pay potential and the opportunity to leverage existing infrastructure. In 2016, ConocoPhillips drilled two exploration wells and finalized an agreement to increase its nonoperated interest to 49 percent.
Austral-Magallanes Basin
ARGENTINA ARGENTINA
ARGENTINA
0
Miles
150
Miles
ConocoPhillips Acreage ConocoPhillips Acreage
Miles Miles
Punta Arenas
150
20 0
CHILE Punta Arenas
0
6
0
CHILE
ARGENTINA
20
Other Exploration Australia
Brunei
In 2006, ConocoPhillips farmed into permit WA-315-P and jointly acquired permit WA-398-P. The three-well, Phase I drilling program successfully encountered hydrocarbons. The Phase II drilling campaign was completed in 2014 where five wells were drilled in these permits and all discovered hydrocarbons. The TP-28 Western Australia State exploration permit was granted with ConocoPhillips holding a 40 percent working interest. The permit extends for five years beginning in January 2017.
ConocoPhillips holds a working interest in the deepwater Block CA-2 production sharing contract (PSC), with an exploration period through December 2018.
Browse and Bonaparte Basins
Also in Australia, the NT/RL6 and NT/RL5 permits are located offshore Northern Territory in the Timor Sea approximately 160 miles north-northwest of Darwin. The Caldita-1 discovery well in NT/RL6 was drilled in 2005, and the Barossa-1 discovery well in NT/RL5 in 2006. A retention lease over the Barossa discovery was awarded in October 2012, and the Caldita discovery in May 2013. In 2012, ConocoPhillips farmed down its interest from 60 percent to 37.5 percent. A three-well appraisal program to further evaluate the fields’ potential was completed in March 2015. The first two wells, Barossa-2 and Barossa-3 both encountered hydrocarbons. The final well, Barossa-4, was not commercially viable. In 2016, the company completed a seismic acquisition program and seismic reprocessing. Drilling of the next appraisal well, Barossa-5, commenced in January 2017. Drilling of a subsequent well, Barossa6, may follow dependent on the result of Barossa-5.
Block CA-2
Exploration has been ongoing since September 2011, with natural gas discovered at the Kelidang NE-1 and Keratau-1 wells in 2013 and the Keratau SW-1 well in 2015. Evaluation of the results is ongoing.
Canada
In Canada, the Montney, Muskwa, and Duverney plays form the primary interest areas. As of Dec. 31, 2016, the company held approximately 0.7 million net acres in unconventional exploration plays. During 2016, ConocoPhillips drilled exploration and appraisal wells and ran production tests in the Montney play, which extends from British Columbia into Alberta. In the fourth quarter of 2016, the company finalized a swap of non-strategic producing assets for a larger land position in the Blueberry-Montney, adding approximately 30,000 net acres.
China
The company participated in two successful appraisal wells in the Penglai Field in 2015, and an additional successful well in 2016. The wells will support future development plans for the field.
Gulf of Mexico
In 2016, ConocoPhillips continued to execute its plan to significantly reduce its deepwater acreage position in the Gulf of Mexico. Shenandoah represents the company’s only remaining active exploration in the Gulf of Mexico. Appraisal drilling continued in 2016 with the fifth Shenandoah well reaching total depth in the third quarter. In February 2017, the sixth Shenandoah well reached total depth and drilling of a sidetrack commenced.
Indonesia
Kualakurun ConocoPhillips entered the Kualakurun PSC, located in Central Kalimantan, in May 2015. In 2016, the company conducted an airborne gravity gradiometry survey and commenced a 450-mile, 2-D seismic program, which is expected to be completed in mid-2017.
7
Other International and Exploration Fact Sheet—March 2017
UNITED STATES – ALASKA
Barents Sea Norwegian Sea
CANADA
NORWAY UNITED KINGDOM
N O R T H AM E R I C A Pacific Ocean
North Sea
EUROPE
UNITED STATES – LOWER 48
CHINA
MIDDLE EAST
Atlantic Ocean
ASIA
Gulf of Mexico
Pacific Ocean
LIBYA
MALAYSIA
AFRICA Indian Ocean
COLOMBIA
South China Sea Natuna Sea INDONESIA
SOUTH AM E R I C A
BRUNEI Java Sea
Timor Sea AUSTRALIA
CHILE
Exploration
Exploration and Production
Segment Information President, Exploration and Other International Richard Lunam
Office Address 600 N. Dairy Ashford Road Houston, Texas 77079
Contact Information Media Relations: 281-293-1149
ConocoPhillips 600 N. Dairy Ashford Road Houston, Texas 77079 Telephone: 281-293-1000 www.conocophillips.com
Investor Relations 600 N. Dairy Ashford Road Houston, Texas 77079 Telephone: 281-293-5000 www.conocophillips.com/investor [email protected]
Corporate Information Chairman of the Board of Directors and Chief Executive Officer Ryan M. Lance
Media Relations 600 N. Dairy Ashford Road Houston, Texas 77079 Telephone: 281-293-1149 www.conocophillips.com/media [email protected]
Our Company Values
S SAFETY
P PEOPLE
I INTEGRITY
R RESPONSIBILITY
I INNOVATION
CAUTIONARY STATEMENT This fact sheet contains forward-looking statements. We based the forward-looking statements on our current expectations, estimates and projections about ourselves and the industries in which we operate in general. We caution you these statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove to be incorrect, and involve risks and uncertainties we cannot predict. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Economic, business, competitive and other regulatory factors that may affect ConocoPhillips’ business are set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (including in Item 1A of our Form 10-K), which may be accessed at the SEC’s website at www.sec.gov.
T TEAMWORK
(As of Dec. 31, 2016)
Definition of resources: ConocoPhillips uses the term “resources” in this document. The company estimates its total resources based on a system developed by the Society of Petroleum Engineers that classifies recoverable hydrocarbons into six categories based on their status at the time of reporting. Three (proved, probable and possible reserves) are deemed commercial and three others are deemed noncommercial or contingent. The company’s resource estimate encompasses volumes associated with all six categories. The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the term “resource” in this fact sheet that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosure in our Form 10-K and other reports and filings with the SEC. Copyright ©2017 ConocoPhillips Company. All Rights Reserved.
8
17
Operations and activities in 17 countries
The Other International segment and Exploration cover a balanced, global portfolio of high-quality conventional and unconventional exploration opportunities.
46
ConocoPhillips has proved reserves of approximately 6.4 billion barrels of oil equivalent (BOE) and a large, diverse, low cost of supply resource base that provides the company with significant flexibility for future growth. In 2016, ConocoPhillips re-focused its exploration strategy, emphasizing flexibility and discovering new barrels that are accretive to its existing low cost of supply portfolio. The company will focus exploration activity in select existing business units—Alaska, Lower 48, Malaysia and Norway— where the company can leverage existing infrastructure and experience. ConocoPhillips will also concentrate on international exploration opportunities that provide both scale and flexibility, with international new venture activity ongoing in Chile and Colombia.
Billion
barrels of oil equivalent
2016 Undeveloped Acreage
24
Million net acres
ConocoPhillips—Undeveloped Acreage at Dec. 31, 2016 Region
Gross
Net
(Thousands of Acres)
(Thousands of Acres)
Alaska
683 469
Lower 48
10,479 8,475
Canada
10,122 4,438
Europe and North Africa
14,764 2,659
Asia Pacific and Middle East
16,848 7,216
Other International
487 264
ConocoPhillips Total
53,383
2016 Proved Reserves by region
23,521
2016 Proved Reserves
2016 Resources
2014 2014Proved ProvedReserves Reserves 8.9 8.9BBOE BBOE
2014 2014Proved ProvedReserves Reserves bybyregion region
6.4 BBOE
46 BBOE
20%
20%
19%
16%
Asia Pacific & Middle East
Alaska
Non OECD
Natural Gas
12%
25%
Europe & North Africa
9%
75%
LNG
Liquids
Lower 48
23%
81% OECD
Canada
Proved reserves and resources reflect total company performance. Natural gas resources targeted toward liquefied natural gas are depicted as LNG. OECD refers to member countries of the Organisation for Economic Co-operation and Development. See page 8 for Cautionary Statement pertaining to the use of this fact sheet.
1
Other International and Exploration Fact Sheet—March 2017
Existing Business Units Alaska
Greater Mooses Tooth Unit
Alaska
In 2016, ConocoPhillips drilled two exploration wells that encountered significant pay in the Greater Mooses Tooth Unit. The discovery, Willow, is located in the northeast portion of the NPR-A. Appraisal of the discovery commenced in January 2017 with the acquisition of state-of-the-art 3-D seismic.
NPR-A ANWR
Arctic Ocean
Beaufort Sea
Willow Discovery
Bear Tooth Unit
Lower 48
Point Thomson
0
50 Miles
ConocoPhillips Acreage
ConocoPhillips Acreage Pending Lease Issuance
Lower 48
Onshore
ConocoPhillips’ total acreage position in the Lower 48 unconventional plays is approximately 2.6 million net acres. The company’s onshore exploration focus areas in the United States include the Niobrara in the Denver-Julesburg Basin, and the Permian in the Delaware, NW Shelf, Central Platform and Midland Basins, as well as several emerging plays.
Niobrara
During 2016, ConocoPhillips drilled five operated unconventional exploration wells, primarily in the Eagle Ford. The company continues to assess and appraise these and other unconventional opportunities.
Permian
0
200 Miles
2
Prudhoe Bay
Artic National Wildlife Refuge
2016 NPR-A and State Lease Sales In the fourth quarter of 2016, ConocoPhillips submitted high bids on approximately 740,000 gross acres in the NPR-A and State of Alaska North Slope Lease Sales.
Kuparuk River
Colville River
Greater Mooses Tooth
National Petroleum Reserve-Alaska
In 2013, ConocoPhillips drilled and tested a new oil discovery in the Bear Tooth Unit in the northeast NPR-A, which is currently being evaluated for further development potential.
Bear Tooth
ConocoPhillips Acreage
Malaysia
Malaysia
The company's involvement in Malaysia began in 2000 and consists of interests in six blocks in varying stages of exploration, development and production. Three of these blocks are located off the eastern Malaysian state of Sabah: Block G, Block J and the Kebabangan (KBB) Cluster. The last three blocks, Deepwater Block 3E, Block SK313 and Block WL4-00 are operated by ConocoPhillips and are located offshore Sarawak.
SNP
Malikai
J
3E
G
KMEUC KME KBB
Pisagan
G
Block G
Limbayong Operator: Shell (35.0%) Co-venturers: ConocoPhillips (35.0%), PETRONAS (30.0%) The Limbayong-1 well was drilled in 2002 and resulted in a gas discovery. The Limbayong-2 appraisal well was drilled in November 2013 and resulted in an oil discovery. Development options are being evaluated.
KBB Cluster PSC
South China Sea
L imbayong
Gumusut
SK313
Salam
WL4-00
BRUNEI
MALAYSIA 0
100 Miles
Kebabangan (KBB) Cluster
Kebabangan, Kamunsu East and Kamunsu East Upthrown Canyon Operator: Kebabangan Petroleum Operating Company Co-venturers: PETRONAS (40.0%), ConocoPhillips (30.0%), Shell (30.0%) The KBB Cluster PSC was signed in 2007 for appraisal and development of the Kebabangan (currently producing), Kamunsu East and Kamunsu East Upthrown Canyon gas and condensate fields. The Kamunsu East Field was successfully appraised in 2013.
ConocoPhillips Acreage
Oil Field
Gas Field
Deepwater Block 3E
Operator: ConocoPhillips (50.0%) Co-venturers: KUFPEC (35.0%), PETRONAS (15.0%) In November 2013, ConocoPhillips was awarded operatorship of this 480,000-grossacre exploration block offshore Sarawak. Seismic processing and reprocessing were completed in 2015. The Langsat-1 exploration well was spud in February 2017.
Block WL4-00
Salam Operator: ConocoPhillips (50.0%) Co-venturer: PETRONAS (50.0%) In January 2017, ConocoPhillips was awarded operatorship of this 629,000-gross-acre exploration block offshore Sarawak. The block includes the Salam-1 oil discovery. A new 3-D seismic survey is planned for 2017, with drilling of an appraisal well planned in 2018.
Block SK313
Operator: ConocoPhillips (50.0%) Co-venturer: PETRONAS (50.0%) In the fourth quarter of 2016, ConocoPhillips entered a farm-in agreement to acquire an interest in and operatorship of Block SK313, a 1.4 million-gross-acre exploration block offshore Sarawak. Following completion of the Sadok-1 exploration well in January 2017, ConocoPhillips assumed operatorship of the block from PETRONAS.
3
Other International and Exploration Fact Sheet—March 2017
Norway
Barents Sea and North Sea In 2016, ConocoPhillips participated in two nonoperated exploration and appraisal wells in the Oseberg and Alvheim areas. Both wells were discoveries and are currently undergoing evaluation. In 2016, the company was awarded three exploration licenses: PL845, PL782SB and PL859.
Norway
PL859 PL218 PL845
Barents Sea Heidrun Norwegian Sea NORWAY
FINLAND
0 SWEDEN
100 Miles
Visund NORWAY
Troll Bergen Oseberg Alvheim PL782S Grane
SWEDEN Stavanger
Greater Ekofisk Area 0
100
DENMARK
Miles North Sea ConocoPhillips Acreage
4 GERMANY
International New Ventures Colombia
Middle Magdalena Basin
• VMM-3 Operator: ConocoPhillips (80.0%) Co-venturer: Canacol (20.0%) In 2015, ConocoPhillips assumed operatorship of the VMM-3 Block, which extends over approximately 67,000 net acres. The block contains the Picoplata 1 well, which was drilled in 2014 and 2015. In 2016, ConocoPhillips commenced production testing operations at the Picoplata 1 well. Continued testing and evaluation is planned through 2017. • VMM-28 The company holds a 30 percent nonoperated interest, which is in the process of being terminated with relevant parties and the regulatory agency. • Santa Isabel Operator: : Canacol (30.0%) Co-venturer: ConocoPhillips (70.0%) In 2016, the relinquishment of the Santa Isabel Block was accepted and the parties are in the process of documenting such relinquishment.
Colombia Middle Middle Magdalena Magdalena Basin Basin
VMM-3 VMM-3 Bogota Bogota
00
1515
COLOMBIA COLOMBIA
Miles Miles
00
200 200 Miles Miles
ConocoPhillips ConocoPhillips Acreage Acreage
5
Other International and Exploration Fact Sheet—March 2017
Chile
Coiron Block
Chile Austral-Magallanes Basin
Operator: Empresa Nacional Del Petroleo (51.0%) Co-venturer: ConocoPhillips (49.0%) In 2015, ConocoPhillips acquired a nonoperated 5 percent interest in the Coiron Block in the Magallanes Basin covering approximately 400,000 gross acres. The company’s entry into the Coiron Block provides stacked pay potential and the opportunity to leverage existing infrastructure. In 2016, ConocoPhillips drilled two exploration wells and finalized an agreement to increase its nonoperated interest to 49 percent.
Austral-Magallanes Basin
ARGENTINA ARGENTINA
ARGENTINA
0
Miles
150
Miles
ConocoPhillips Acreage ConocoPhillips Acreage
Miles Miles
Punta Arenas
150
20 0
CHILE Punta Arenas
0
6
0
CHILE
ARGENTINA
20
Other Exploration Australia
Brunei
In 2006, ConocoPhillips farmed into permit WA-315-P and jointly acquired permit WA-398-P. The three-well, Phase I drilling program successfully encountered hydrocarbons. The Phase II drilling campaign was completed in 2014 where five wells were drilled in these permits and all discovered hydrocarbons. The TP-28 Western Australia State exploration permit was granted with ConocoPhillips holding a 40 percent working interest. The permit extends for five years beginning in January 2017.
ConocoPhillips holds a working interest in the deepwater Block CA-2 production sharing contract (PSC), with an exploration period through December 2018.
Browse and Bonaparte Basins
Also in Australia, the NT/RL6 and NT/RL5 permits are located offshore Northern Territory in the Timor Sea approximately 160 miles north-northwest of Darwin. The Caldita-1 discovery well in NT/RL6 was drilled in 2005, and the Barossa-1 discovery well in NT/RL5 in 2006. A retention lease over the Barossa discovery was awarded in October 2012, and the Caldita discovery in May 2013. In 2012, ConocoPhillips farmed down its interest from 60 percent to 37.5 percent. A three-well appraisal program to further evaluate the fields’ potential was completed in March 2015. The first two wells, Barossa-2 and Barossa-3 both encountered hydrocarbons. The final well, Barossa-4, was not commercially viable. In 2016, the company completed a seismic acquisition program and seismic reprocessing. Drilling of the next appraisal well, Barossa-5, commenced in January 2017. Drilling of a subsequent well, Barossa6, may follow dependent on the result of Barossa-5.
Block CA-2
Exploration has been ongoing since September 2011, with natural gas discovered at the Kelidang NE-1 and Keratau-1 wells in 2013 and the Keratau SW-1 well in 2015. Evaluation of the results is ongoing.
Canada
In Canada, the Montney, Muskwa, and Duverney plays form the primary interest areas. As of Dec. 31, 2016, the company held approximately 0.7 million net acres in unconventional exploration plays. During 2016, ConocoPhillips drilled exploration and appraisal wells and ran production tests in the Montney play, which extends from British Columbia into Alberta. In the fourth quarter of 2016, the company finalized a swap of non-strategic producing assets for a larger land position in the Blueberry-Montney, adding approximately 30,000 net acres.
China
The company participated in two successful appraisal wells in the Penglai Field in 2015, and an additional successful well in 2016. The wells will support future development plans for the field.
Gulf of Mexico
In 2016, ConocoPhillips continued to execute its plan to significantly reduce its deepwater acreage position in the Gulf of Mexico. Shenandoah represents the company’s only remaining active exploration in the Gulf of Mexico. Appraisal drilling continued in 2016 with the fifth Shenandoah well reaching total depth in the third quarter. In February 2017, the sixth Shenandoah well reached total depth and drilling of a sidetrack commenced.
Indonesia
Kualakurun ConocoPhillips entered the Kualakurun PSC, located in Central Kalimantan, in May 2015. In 2016, the company conducted an airborne gravity gradiometry survey and commenced a 450-mile, 2-D seismic program, which is expected to be completed in mid-2017.
7
Other International and Exploration Fact Sheet—March 2017
UNITED STATES – ALASKA
Barents Sea Norwegian Sea
CANADA
NORWAY UNITED KINGDOM
N O R T H AM E R I C A Pacific Ocean
North Sea
EUROPE
UNITED STATES – LOWER 48
CHINA
MIDDLE EAST
Atlantic Ocean
ASIA
Gulf of Mexico
Pacific Ocean
LIBYA
MALAYSIA
AFRICA Indian Ocean
COLOMBIA
South China Sea Natuna Sea INDONESIA
SOUTH AM E R I C A
BRUNEI Java Sea
Timor Sea AUSTRALIA
CHILE
Exploration
Exploration and Production
Segment Information President, Exploration and Other International Richard Lunam
Office Address 600 N. Dairy Ashford Road Houston, Texas 77079
Contact Information Media Relations: 281-293-1149
ConocoPhillips 600 N. Dairy Ashford Road Houston, Texas 77079 Telephone: 281-293-1000 www.conocophillips.com
Investor Relations 600 N. Dairy Ashford Road Houston, Texas 77079 Telephone: 281-293-5000 www.conocophillips.com/investor [email protected]
Corporate Information Chairman of the Board of Directors and Chief Executive Officer Ryan M. Lance
Media Relations 600 N. Dairy Ashford Road Houston, Texas 77079 Telephone: 281-293-1149 www.conocophillips.com/media [email protected]
Our Company Values
S SAFETY
P PEOPLE
I INTEGRITY
R RESPONSIBILITY
I INNOVATION
CAUTIONARY STATEMENT This fact sheet contains forward-looking statements. We based the forward-looking statements on our current expectations, estimates and projections about ourselves and the industries in which we operate in general. We caution you these statements are not guarantees of future performance as they involve assumptions that, while made in good faith, may prove to be incorrect, and involve risks and uncertainties we cannot predict. In addition, we based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecast in the forward-looking statements. Economic, business, competitive and other regulatory factors that may affect ConocoPhillips’ business are set forth in ConocoPhillips’ filings with the Securities and Exchange Commission (including in Item 1A of our Form 10-K), which may be accessed at the SEC’s website at www.sec.gov.
T TEAMWORK
(As of Dec. 31, 2016)
Definition of resources: ConocoPhillips uses the term “resources” in this document. The company estimates its total resources based on a system developed by the Society of Petroleum Engineers that classifies recoverable hydrocarbons into six categories based on their status at the time of reporting. Three (proved, probable and possible reserves) are deemed commercial and three others are deemed noncommercial or contingent. The company’s resource estimate encompasses volumes associated with all six categories. The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the term “resource” in this fact sheet that the SEC’s guidelines prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the oil and gas disclosure in our Form 10-K and other reports and filings with the SEC. Copyright ©2017 ConocoPhillips Company. All Rights Reserved.
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Operations and activities in 17 countries
