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ConocoPhillips Alaska to sell North Cook Inlet Unit

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LNG Industry,

ConocoPhillips Alaska (COPA) has announced that it is in the initial stages of marketing its North Cook Inlet Unit and interest in Beluga River Unit.

Alaska LNG

The company said that while the units were historically significant to its investment in Alaska, they are no longer considered core to its operations in the state. Instead, the company’s focus will be on its current North Slope operations, including the Alaska LNG project.

ConocoPhillips plans to invest more than US$1.4 billion in capital projects this year, including CD5, Kuparuk Drill Site 2S and viscous oil development 1H NEWS. These projects will help offset production decline, sending new barrels of oil into the Trans-Alaska Pipeline System.

COPA believes the North Cook Inlet and Beluga River units are important assets that offer good opportunities for the right buyer. Development of a data room for the sale is in progress, and is expected to open in early August.

Edited from press release by

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