ConocoPhillips will develop the Nuna field, a project that will add up to 20,000 barrels of oil to Alaska’s daily production, the company announced this month as the state debates higher oil industry taxes.
ConocoPhillips is the state’s top oil producer, producing about 175,000 barrels of crude oil daily. Oil companies produce close to 500,000 barrels of oil daily in Alaska.
Drilling at Nuna is set to begin late next year, followed soon after by oil production, the company said. Nearly 30 development wells are planned. those adjusted net earnings are higher in Alaska primarily because its production in the state is almost entirely oil. In other areas, the company produces a higher proportion of lower-price natural gas or natural gas liquids.earning $2.4 billion in Alaska last year. It reported spending $1.1 billion on capital projects in Alaska last year, a level of investment the company plans to continue, its statement said.
State Sen. Bill Wielechowski, the sponsor of Senate Bill 114 who sought the report from Legislative Research Services, said the oil industry in Alaska has not lived up to its promised investments when Senate Bill 21 was passed and implemented about a decade ago.“Alaska is an extremely profitable place to do business,” said Wielechowski, an Anchorage Democrat.
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