The Other International segment and Exploration cover a balanced, global portfolio of high-quality conventional and unconventional exploration opportunities.
ConocoPhillips has proved reserves of approximately 5 billion barrels of oil equivalent (BOE) and a large, diverse, low cost of supply resource base that provides the company with significant flexibility for future growth.
In 2017, ConocoPhillips’ exploration strategy emphasized flexibility and discovering new barrels accretive to its existing low cost of supply portfolio. The company’s 2017 exploration focus remained on select business units—Alaska, Lower 48, Malaysia and Norway—where existing infrastructure and experience can be leveraged. ConocoPhillips will also concentrate on international exploration opportunities that provide both scale and flexibility, with international new-venture activity ongoing in Latin America.