ConocoPhillips is Alaska’s largest crude oil producer and the largest owner of exploration leases, with approximately 1.3 million net undeveloped acres at year-end 2018.
ConocoPhillips has major ownership interests in two of North America’s largest oil fields, both located on Alaska’s North Slope—Kuparuk, which the company operates, and Prudhoe Bay. Additionally, ConocoPhillips operates the Alpine Field, located on the Western North Slope. In 2018, ConocoPhillips further strengthened its position in Alaska with the acquisition of an additional 39 percent interest in the Greater Kuparuk Area as well as an additional 22 percent interest in the Western North Slope Area. ConocoPhillips was also successful in the 2018 federal lease sale, submitting high bids on approximately 48,000 net acres in the NPR-A North Slope Lease Sale.
Significant oil exploration and development opportunities still exist on the North Slope of Alaska. In 2016, the company drilled two exploration wells that encountered significant pay in the Bear Tooth Unit. This discovery, Willow, is located in the northeast portion of the NPR-A. In 2018, the company appraised the greater Willow area and made discoveries in three additional prospects. Appraisal of the 2018 discoveries will continue in 2019.
Alaska at a Glance
Full-year 2018 production in the Alaska segment was 186 MBOED.