ConocoPhillips counts 7.8B barrels of proved reserves for 2002

houston.bizjournals.com 11:50 AM CST Thursday 

ConocoPhillips on Thursday said it had proved reserves of 7.8 billion barrels of oil equivalent at the end of 2002, 600 million barrels of oil equivalent below 2001 pro forma figures.

The Houston-based company said its reserves would also continue to rise in the years to come as it looks to add to its reserves during 2003 from overseas ventures including Kazakhstan, Venezuela and its Ekofisk program in Norway.

ConocoPhillips, which has field developments in Alaska, Canada, China and Indonesia, also has substantial known (natural) gas resources awaiting commercialization including the Brass (liquefied natural gas) project in Nigeria, development of the Sunrise field in the Timor Sea, and Arctic gas from Alaska's North Slope.

ConocoPhillips could also see increased reserves in 2003 if Australia ratifies the Timor Sea Treaty, which would open up the Bayu-Undan gas export project in East Timor, according to the release.