ConocoPhillips achieves first oil from Eldfisk II project

ConocoPhillips (NYSE: COP) has achieved first oil production from the Eldfisk II project in the Norwegian North Sea.

Eldfisk II, along with Ekofisk South and other projects offshore Norway, will add approximately 60,000 barrels of oil equivalent per day to the company's production volumes by 2017.

The Eldfisk II project includes plans to drill 40 new production and water injection wells. One of four pre-drilled wells is currently online, with the remaining three anticipated to come on stream this month. Production from the field will ramp up over the next three years as additional wells are brought online.

The Greater Ekofisk Area, located 200 miles (300 kilometers) offshore Stavanger, comprises four producing fields: Ekofisk, Eldfisk, Embla, and Tor. Crude oil from Greater Ekofisk's producing fields is exported via pipeline to Teesside, England, and natural gas flows via pipeline to Emden, Germany.

ConocoPhillips (35.1%) operates the Greater Ekofisk Area. The other Ekofisk co-venturers are Total (39.9%), Eni (12.4%), Statoil (7.6%), and Petoro (5.0%).

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