ConocoPhillips budgets $1.7B for Alaska work

JUNEAU — ConocoPhillips is budgeting $1.7 billion for 2014 capital costs in Alaska, twice what it says it spent in 2012 and $600 million more than was budgeted for 2013.

The company in a release says the larger budget reflects increased spending on the long-planned CD-5 development within the National Petroleum Reserve-Alaska and increased activity due to the oil tax cut passed by the Legislature earlier this year.

Spokeswoman Natalie Lowman says funding also is included for exploration, including two wells in the Greater Moose’s Tooth unit, and major maintenance.

She says the tax cut has improved the likelihood of projects ConocoPhillips added to its list following passage of the law moving ahead, including a new drill site at Kuparuk and Greater Moose’s Tooth.

ConocoPhillips’ total 2014 capital budget is $16.7 billion.

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