ConocoPhillips to slow petroleum reserve project investment

Associated Press

ConocoPhillips to slow petroleum reserve project investment

JUNEAU, Alaska (AP) — ConocoPhillips Alaska says that it's slowing its pace of investment on the Greater Mooses Tooth 1 project, citing permitting issues and oil prices.

Permit applications were submitted in July 2013.

Spokeswoman Amy Burnett said while the U.S. Army Corps of Engineers recently issued a record of decision, the U.S. Bureau of Land Management has yet to issue a final decision for the project, which is in the National Petroleum Reserve-Alaska.

She said by email that if the agencies differ on road routes, the project would not move forward until those differences were resolved.

She said the company does not have a set timeframe for revisiting a final investment decision for the project. But she said work to advance the project will continue, including a seismic program and engineering.

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