ConocoPhillips Announces Second Oil Discovery Offshore Senegal
ConocoPhillips (NYSE:COP) today confirmed that oil was discovered in the SNE-1 well, the second of ConocoPhillips’ two-well program, located approximately 60 miles offshore Senegal in the Sangomar Deep block. After further evaluation of this zone, the SNE-1 well will continue drilling to a planned total depth of approximately 10,000 feet.
ConocoPhillips, headquartered in Houston, Texas. (Photo: Business Wire)
“The initial positive results at SNE-1 follow our recent announcement that oil was discovered in the FAN-1 well offshore Senegal,” said Larry Archibald, senior vice president, Exploration. “We are encouraged by the presence of a working petroleum system in this frontier basin and are now evaluating further work to enhance our understanding of the two plays.”
Cairn Energy PLC is the operator and holds a 40-percent working interest in the SNE-1 well. ConocoPhillips holds a 35-percent working interest in the well, while FAR Limited and Petrosen hold 15- and 10-percent interest, respectively. ConocoPhillips has the option to become operator of the project if it advances to development.
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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, $55 billion in annualized revenue, $119 billion of total assets, and approximately 19,000 employees as of Sept. 30, 2014. Production from continuing operations, excluding Libya, averaged 1,520 MBOED for the nine months ended Sept. 30, 2014, and proved reserves were 8.9 billion BOE as of Dec. 31, 2013. For more information, go to www.conocophillips.com.
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