| Key Facts |
Employees: 106
Total Average Daily Production in 2006: 15 MBOED
Crude Processing Capacity: --
Major Office Locations: Moscow |
Exploration and Production Polar Lights
ConocoPhillips has had a presence in Russia since January 1992 when the Polar Lights Company (PLC), a Russian limited-liability company, was established to develop the Ardalin field, which is located in the Timan-Pechora province in northwest Russia above the Arctic Circle. PLC started producing oil from the Ardalin filed in 1994 and has since developed three satellite fields to Ardalin. The first satellite, Oshkotyn, commenced production in 2002. The other two satellites, East Kolva and Dyusushev, achieved first oil in 2003. Today PLC produces approximately 8.9 MMBO per year. PLC’s headquarters office is in Arkhangelsk with representative offices in Usinsk, Naryan Mar and Moscow. The PLC staff is comprised of more than 98 percent Russian nationals.
Naryanmarneftegaz Joint Venture
As part of a larger strategic alliance, ConocoPhillips entered into an agreement with LUKOIL in 2004 to create a joint venture to develop oil and gas resources in the northern part of Russia’s Timan-Pechora province. ConocoPhillips and LUKOIL finalized the creation of the Naryanmarneftegaz (NMNG) joint venture in 2005, and ConocoPhillips has a 50 percent voting interest in the venture. NMNG is expected to produce and market approximately 200 MBOED gross at peak. Production from the joint-venture fields is transported via pipeline to LUKOIL’s existing terminal at Varandey Bay on the Barents Sea and then shipped via tanker to international markets. LUKOIL intends to complete an expansion of the terminal capacity to 240 MBOED in late 2007, with ConocoPhillips participating in the design and financing of the terminal. First oil production from the anchor field, Yuzhno Khlchuyu, is targeted for 2008.
Specialty ProductsLiquidPower™ Flow Improvers
ConocoPhillips Specialty Products Inc. (CSPI), a wholly owned subsidiary of ConocoPhillips, specializes in maximizing the flow potential of pipelines while increasing operational flexibility, throughput capacity and bottom-line profit potentials through LiquidPower™ Flow Improvers. CSPI has been supplying flow improvers to the CIS region since 1992. Today, it is assisting the national and privately owned pipeline companies of Russia, Kazakhstan, Azerbaijan and Ukraine in meeting export goals while reducing CAPEX requirements to achieve similar flow increases through mechanical means.
LUKOIL InvestmentLUKOIL is an international, integrated oil and gas company headquartered in Russia. The company’s main activities are oil and gas exploration and production, and refining and marketing of petroleum products. As of Dec. 31, 2006, ConocoPhillips had a 20 percent ownership interest in LUKOIL based on its authorized and issued shares. Cumulative interests in LUKOIL stock by ConocoPhillips totaled $7.5 billion at year-end 2006.
During 2006, ConocoPhillips’ net share of LUKOIL’s crude oil production was 360 MBD; of its natural gas production was 244 MMCFD; and of its refining throughput was 179 MBD.
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