HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE:COP) today confirmed the start of oil production from the Gumusut-Kakap Floating Production Facility, located approximately 75 miles offshore Sabah, Malaysia.
“The startup of the Gumusut-Kakap project is an important milestone for ConocoPhillips,” said Matt Fox, executive vice president, Exploration and Production. “It joins Siakap North-Petai as the second major Malaysian project startup in 2014 that will contribute to the company’s organic growth over the coming years.”
Project startups in Malaysia are expected to add approximately 60,000 barrels of oil equivalent per day to the company’s production volumes by 2017. The addition of these high-margin barrels are an important part of the company’s overall plan to deliver annual 3 to 5 percent production and margin growth.
The Gumusut-Kakap field is located in water depths up to 4,000 feet. Production from the field will initially utilize 14 of the planned 19 subsea wells, with oil exported via pipeline to the Sabah Oil and Gas Terminal in Kimanis.
Sabah Shell Petroleum Company Ltd. (Operator) and ConocoPhillips Sabah Ltd. each hold a 33 percent interest in the development. PETRONAS Carigali Sdn. Bhd. holds a 20 percent interest and Murphy Sabah Oil Company Ltd. holds a 14 percent interest.
--- # # # ---
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, $58 billion in annualized revenue, $122 billion of total assets, and approximately 19,200 employees as of June 30, 2014. Production from continuing operations, excluding Libya, averaged 1,543 MBOED for the six months ended June 30, 2014, and proved reserves were 8.9 billion BOE as of Dec. 31, 2013. For more information, go to www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases; international monetary conditions; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.