ConocoPhillips to acquire Nuna discovery acreage

ConocoPhillips Alaska reported it will acquire 11 tracts covering 21,000 acres in the western Alaska North Slope, which includes the 2012 Nuna oil discovery, from Caelus Natural Resources Alaska.

Jun 19th, 2019

ConocoPhillips Alaska reported it will acquire 11 tracts covering 21,000 acres in the western Alaska North Slope, which includes the 2012 Nuna oil discovery, from Caelus Natural Resources Alaska LLC. Nuna lies east of the Colville River and 5 miles southwest of Oooguruk oil field where, in January, Caelus agreed to sell a 70% interest to Eni SPA (OGJ Online, Jan. 7, 2019).

ConocoPhillips will appraise Nuna over the next several years with a plan to make a final investment decision thereafter, possibly developing the field using company-operated Kuparuk oil field infrastructure, it said in a press statement (OGJ Online, July 5, 2018).

“This transaction represents an attractive addition to our expanding [ANS] position and will allow ConocoPhillips to cost effectively develop Nuna utilizing Kuparuk River Unit infrastructure,” said Joe Marushack, president of ConocoPhillips Alaska.

The transaction is subject to state regulatory approval and has an effective date of June 14.

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