Conoco's $1bn for North Sea

News - June 29, 2001

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The Scotsman newspaper in the UK says Conoco is investing almost US$1billion in the British sector of the North Sea over the next two years, making it the biggest spend in the area by the American oil major for many years.

The newspaper says the money is being ploughed into five main projects, variously as an operator and as a back seat partner, with a view to the company being able to maintain output at least at current levels through to 2010 if possible. Output now averages some 74,000 barrels of oil and 735 million cubic feet of gas per day.

The move will sustain hundreds of oil company and contractor jobs, mostly in the Aberdeen area, where Conoco has its UK upstream headquarters, and in Great Yarmouth, from where its extensive Southern North Sea gas field empire is serviced.

The company currently has 360 staff, plus 340 contractors routinely on hire.

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