Pioneer Increases Interest in Cook Inlet Discovery
Pioneer Natural Resources' Alaska subsidiary has exercised its option under an agreement with ConocoPhillips Alaska to acquire an additional 40 percent working interest, for a total working interest of 50 percent of the Cosmopolitan Unit located offshore in the Cook Inlet. Pioneer was also elected operator of the Cosmopolitan Unit.
By increasing its interest and becoming operator in the Cosmopolitan Unit, Pioneer is expanding its inventory of attractive oil projects. Prior to Pioneer's involvement, three wells and a sidetrack were drilled in the Unit, establishing a significant oil column. Pioneer and its co-owners acquired and interpreted a new 3-D seismic survey over the Unit and are evaluating options for further appraisal work to refine the estimate of recoverable reserves.
The 25,000-acre unit is located approximately 120 miles southwest
of Anchorage and approximately two miles from the shoreline of the
Operates 12 Offshore Rigs
- Exxon, BP Targeted in NYC Suit That Relies on 'Nuisance' Theory (Jan 10)
- ConocoPhillips Vows Financial Discipline As Aims To Boost Output (Nov 08)
- ConocoPhillips' Profit Beats Estimates, But Budget Cut 10% (Oct 26)
Company: Pioneer Natural Resources more info
- Big Shale Turns OPEC Ally From Foe With Focus on Oil Returns (Dec 04)
- Pioneer Natural 3Q Adjusted Profit Beats Expectations (Nov 01)
- Rising Gas Output Drags Down Shares Of US Shale Leader Pioneer (Aug 02)