ConocoPhillips plans to resume exports from the North Kenai LNG this May, as part of an overall steady plan for Alaskan production.
ConocoPhillip’s Natalie Lowman…
Lowman: “The Kenai LNG plant is operational and will resume exporting LNG later this month. We anticipate this export program in 2015 will include approximately 6 cargoes and they’ll continue into the fall.”
Investors heard yesterday that despite the downturn in oil prices, ConocoPhillips plans to continue investing in the North Slope with several new projects underway.
Executives say other companies on the North Slope are forecasting a similar commitment.
Earlier this month, Executive Vice President Al Hirshberg predicted a flat rate of production through 2017. He said the company continues to invest in Alaska, rather than new opportunities in the Lower 48, thanks in part to “improved fiscal terms” and significant infrastructure already in place.
This time last year, with the price of oil was close to twice as high as it is now, ConocopPhillips reported earnings in Alaska of nearly $600 million. This year they brought in nearly four times less.
Alaskan oil production during the first quarter of this year was at roughly 186,000 barrels per day, down 14,000 barrels per day from 2014.