ANCHORAGE, Alaska – ConocoPhillips (NYSE: COP) Alaska announced that funding has been approved for developing the Nuna project from the 3T drillsite in the Kuparuk River Unit (KRU). ConocoPhillips acquired the Nuna acreage in 2019 from Caelus, who had already constructed the gravel road and pad for drillsite 3T.

Project construction activities will begin this year and continue in 2024 with pipeline and on-pad construction. Drilling is anticipated to begin in late 2024 with first oil anticipated by early 2025, with an expected peak oil rate of 20,000 BOPD.

“The additional drilling opportunities we’ve identified at Nuna are a positive development that should increase oil production at Kuparuk,” said Erec Isaacson, President, ConocoPhillips Alaska. “Our investment in this project was approved due to Alaska’s stable fiscal regime which is clearly working to promote new and ongoing investment.”

ConocoPhillips Alaska will continue to invest about $1 billion a year to grow our Alaska legacy business with projects such as Nuna.

The Nuna project will add 29 development wells, on-pad infrastructure and pipelines that tie back to existing KRU processing facilities. Drillsite 3T will be the 49th drillsite developed within the KRU.

– # # # –

  conoco, drillsite, funding, kuparuk, nuna