M2 EquityBites-March 13, 2006-ConocoPhillips to shut down production in Greater Ekofisk Area, Norway
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ConocoPhillips (NYSE:COP), an integrated petroleum company, announced on Sunday (12 March) that it will shut down production within the next week from the Greater Ekofisk Area in the Norwegian North Sea to allow unscheduled equipment modifications and maintenance to be carried out. The work is designed to ensure continued safe and reliable operations, the company said. Total daily average production from the Greater Ekofisk Area is approximately 400,000 barrels of oil equivalent (BOE) per day. The total gross production impact is expected to be approximately 1.6m BOE, or approximately 560,000 BOE net to ConocoPhillips. Production from the connected fields Valhall, Hod, Ula, Tambar and Gyda, which produce through Ekofisk, will also be affected. The company said that it has notified the Norwegian Petroleum Safety Authority, partners in the Greater Ekofisk Area licence and operators of the impacted third-party fields.
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