) has suspended its plans to drill in Alaskan Arctic waters in
2014 because of doldrums over federal regulatory and permitting
standards. Earlier in Mar,
Royal Dutch Shell PLC
) announced its decision to halt exploration and drilling
operations at Alaska's Beaufort and Chukchi Seas citing the same
The Artic misadventure of ConocoPhillips started in Mar when the
company announced its plans to explore and drill a prospect -
Devils Paw - in the Chukchi Sea. The oil major planned to employ
a jackup rig built by
Barring Alaskan mishaps, ConocoPhillips' exploration initiatives
toward liquids-rich plays are gaining momentum through the Eagle
Ford, Bakken and North Barnett shale plays. The company is
speeding up its drilling activities in the North American onshore
liquids-rich plays and expects the combined yield from these
plays to reach more than 200 thousand barrels of oil equivalent
In contrast to misadventures of oil majors in North America, the
Russian Artic is proving to be more amenable to the needs of oil
) along with Russian state-owned oil company OAO Rosneft has made
considerable progress in developing oil prospects in that region.
Houston, Texas-based ConocoPhillips is a major global exploration
and production (E&P) company with operations and activities
in 30 countries that include the U.S., Canada, UK/Norway, China,
Australia, offshore Timor-Leste, Indonesia, Libya, Nigeria,
Algeria, Russia and Qatar.
As of the end of 2012, the company had estimated proved
reserves of 8.6 billion oil-equivalent barrels (BOE) compared
with 8.4 billion BOE at year-end 2011. The company added 942
million BOE of proved organic reserves in 2012, representing a
reserve replacement ratio of 156%. Including 83,000 BOE of asset
sales, total reserve replacement was 142%.
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ConocoPhillips carries a Zacks Rank #3, which is equivalent to a
short-term Hold rating.