New International Ventures
The Other International segment and Exploration function include a balanced, global portfolio of high-quality conventional and unconventional exploration opportunities.
ConocoPhillips has proved reserves of approximately 5.3 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 2019, ConocoPhillips’ exploration strategy emphasized flexibility and discovering new barrels accretive to its existing portfolio. The company’s 2019 exploration focused on select business units: Alaska, Lower 48, Canada, Norway and Malaysia — where existing infrastructure and experience can be leveraged. In addition to these focus areas, ConocoPhillips concentrates on international exploration opportunities that provide both scale and flexibility, with international new-venture activity ongoing in Latin America, including a new position in Argentina.
As of December 31, 2019