ConocoPhillips has increased its estimated resource base in the Eagle Ford play to 2.5 billion bbl of oil in place from 1.8 billion bbl, as well as its estimated production from current volumes to more than 250,000 boe/d by 2017.
"ConocoPhillips's wells in the Eagle Ford have the highest oil rates per well and are leading the industry in value," said Ryan Lance, ConocoPhillips chairman and chief executive officer.
Lance added, "This is attributable not only to the fact that we are in the best part of the play, but also to our relentless focus on technical innovation and drilling and completion cost efficiencies."
He said, "We are applying these benefits and efficiencies across our unconventional portfolio in the Bakken, Permian, Niobrara, Canada, and outside of North America."
During fourth-quarter 2013, the company reported production of 218,000 boe/d from the Eagle Ford, Bakken, and Permian, a 31% increase compared with fourth-quarter 2012. The Eagle Ford and Bakken reached respective peak rates of 141,000 boe/d and 43,000 boe/d during that time (OGJ Online, Jan. 31, 2014).
Production growth expected
ConocoPhillips has outlined a plan to consistently deliver 3-5%/year compound growth in production and margins from major development programs and projects already under way in the US Lower 48, Canadian oil sands, the UK and Norwegian North Sea, Malaysia, and Australia.
"Beginning this year, we will be growing production and margins across our diverse asset base, and allocating 95% of our annual capital expenditures to growth projects and programs with margins that are higher than our average margin today," said Lance.
Over the next several years, the company intends to execute a $16 billion/year capital program and achieve the company's organic reserve replacement target of more than 100%.
ConocoPhillips since 2009 has added 6.7 billion boe of resources, boosted in part by the Gulf of Mexico's Tiber, Gila, Shenandoah, and Coronado discoveries. Further activity targets offshore prospects in Australia, Angola, and Senegal; conventional exploration in Norway and Indonesia; and unconventional exploration in North America, Poland, and Colombia.
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Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.
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