Other International & Exploration
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 4.5 billion barrels of oil equivalent (BOE) and a large, diverse, low cost of supply resource base of 15 billion BOE with an average cost of supply of less than $30 per barrel WTI that provides the company with significant flexibility and many years of future development.
In 2020, ConocoPhillips’ exploration strategy emphasized flexibility and discovering new barrels accretive to its existing portfolio. The company’s 2020 exploration focused on select business units: Alaska, Canada, Norway and Malaysia — where existing infrastructure and experience can be leveraged.
In addition to these focus areas, ConocoPhillips' Other International segment includes exploration activities in Latin America, Morocco and Australia and contingencies associated with prior operations in other countries. As a result of the Concho acquisition completed on Jan. 15, 2021, we refocused our exploration program and announced our intent to pursue a managed exit from certain areas.