Highlights Production starts on $1.4 billion new project Peak rate of 30,000 b/d estimated Third in string of National Petroleum Reserve projects ConocoPhillips has started production at its GMT-2 oil project in the National Petroleum Reserve-Alaska. The project is expected to produce 30,000 b/d at peak.
“The GMT2 team safely executed this project in an environmentally responsible manner marking another successful milestone for the NPR-A,” Erec Isaacson, president of ConocoPhillips’ Alaska unit, said Dec. 12. GMT-2 development costs were $1.4 million and it was completed under budget and on schedule, the company said in its announcement. It is the third oil project to be developed commercially by ConocoPhillips in the petroleum reserve, a 23-million-acre federal land enclave west of the major producing fields of the North Slope, which are on state-owned lands. GMT-2 and two […]