ConocoPhillips Alaska (COPA) has entered into an agreement with Caelus Natural Resources Alaska to acquire 100% of the Nuna discovery, located just east of the Colville River and approximately five miles southwest of the Oooguruk Field.


Image: ConocoPhillips has signed agreement with Caelus Natural Resources. Photo: Image by rawpixel from Pixabay.

The Nuna prospect was announced as a discovery in 2012. The purchase includes 11 tracts covering 21,000 acres. Over the next several years, COPA will appraise Nuna with a goal toward making a final investment decision thereafter.

The transaction is subject to state regulatory approval and has an effective date of June 14, 2019.

“This transaction represents an attractive addition to our expanding North Slope position and will allow ConocoPhillips to cost effectively develop Nuna utilizing Kuparuk River Unit infrastructure,” said Joe Marushack, president of ConocoPhillips Alaska. “We believe this acquisition could lead to more oil production, more revenue for the state and more jobs for Alaskans.”

Source: Company Press Release