ConocoPhillips Alaska is willing to don its long johns to bring oil and natural gas to the lower 48. The company, a subsidiary of ConocoPhillips, owns stakes in two of Alaska's largest oil fields, Prudhoe Bay and Kuparuk, in the remote region of Alaska's North Slope, as well as in the Western North Slope and Cook Inlet, and is the state's largest oil producer. The region has more than 35 trillion cu. ft. of known gas resources. It is projected that Prudhoe Bay can provide more than 3 billion cu. ft. of natural gas per day. ConocoPhillips Alaska produces about 230,000 barrels of oil per day and 82 million cu. ft. of natural gas per day.
ConocoPhillips Alaska has invested more than $10 billion in its Alaskan operations over the past 20 years. Boosting its exploration funding, in 2010 it sold to Statoil a 25% stake in 50 exploration leases (acquired in 2008) in the Chukchi Sea off Alaska's northwest coast. On the production side it teamed with BP Alaska Gas Pipelines to form Denali -- The Alaska Gas Pipeline, to explore the building of a 1,700 mile natural gas pipeline that would transport upwards of 4 billion cu. ft. per day of natural gas from Alaska to North American markets.
In 2009 the company boosted its recoverable assets by the introduction of a new rig in the Kuparuk Field and by ramping up test production rates at two of its Mooses Tooth exploration wells.
It also cooperates with Marathon Oil) in operating a liquefied natural gas (LNG) plant which converts about 150 to 200 million cu. ft. of gas into LNG each day, all of which is sold to Japan. ConocoPhillipsAlaska owns 70% of the Kenai LNG Plant, Marathon Oil, 30%. The plant (which was set up in 1969) has state permission to extend its export license until 2013. However, poor market conditions and the failure to secure long term commercial arrangements forced the company to idle the plant in 2011.
In 2010 ConocoPhillips Alaska's president Jim Bowles, (along with fellow employee Alan Gage) died in an avalanche while snowmobiling on the Kenai Peninsula. Bowles was replaced by industry veteran Trond-Erik Johansen.