ConocoPhillips gives up on Cook Inlet to focus on LNG

ConocoPhillips Alaska (COPA) has informed it is in the initial stages of marketing its North Cook Inlet Unit and interest in Beluga River Unit.

In the press release, ConocoPhillips said it regularly reviews its assets to ensure the asset portfolio is optimized and that this is an ongoing part of managing the business.

While historically significant to the company’s investment in Alaska, the North Cook Inlet and Beluga River units are mature fields that are no longer considered core to Alaska operations, the company added.

The focus will be on the company’s current North Slope operations, including the Alaska LNG project.

In 2015, ConocoPhillips plans to invest more than $1.4 billion in capital projects, including CD5, Kuparuk Drill Site 2S and viscous oil development 1H NEWS. These projects will help offset production decline, sending new barrels of oil into the Trans-Alaska Pipeline System.

“COPA believes the North Cook Inlet and Beluga River units are important assets that offer good opportunities for the right buyer,” ConocoPhillips said.

Furthermore, the company said that development of a data room for the sale is in progress, and is expected to open in early August.

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