HOUSTON – ConocoPhillips (NYSE: COP) achieved a significant milestone at its Surmont oil sands project in Canada with the on-schedule start of first steam at phase 2 on May 29.
Surmont uses steam-assisted gravity drainage (SAGD) to recover the bitumen. This technique requires the reservoir to be heated with steam to allow the oil to flow. First steam is a significant step toward production, or first oil, expected by third quarter this year.
Production will ramp-up through 2017, adding approximately 118,000 barrels of oil per day (BOD) gross capacity. Total gross capacity for Surmont 1 and 2 is expected to reach 150,000 BOD.
The Surmont project is located in the Athabasca Region of northeastern Alberta, Canada, approximately 35 miles (63 kilometres) southeast of Fort McMurray. Surmont is operated by ConocoPhillips under a 50/50 joint venture agreement with Total E&P Canada.
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About ConocoPhillips
ConocoPhillips is the world’s largest independent E&P Company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 27 countries, $31 billion in annualized revenue, $110 billion of total assets, and approximately 18,800 employees as of March 31, 2015. Production, excluding Libya, averaged 1,610 MBOED for the three months ended March 31, 2015, and proved reserves were 8.9 billion BOE as of Dec. 31, 2014. For more information, go to www.conocophillips.com.
Contacts
Andrea Urbanek (media)
281-293-3472
andrea.urbanek@conocophillips.com
Kristen Ashcroft (media)
403-233-3060
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Sidney J. Bassett (investors)
281-293-5000
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Vladimir R. dela Cruz (investors)
281-293-5000
v.r.delacruz@conocophillips.com
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