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Callum Turcan

ConocoPhillips' Surmont 2 Facility On Time And Almost Online

Source: ConocoPhillips Website

The Surmont 2 oil sands expansion is building off the Surmont 1 development, which is a 50/50 joint venture between ConocoPhillips (NYSE:COP) and Total (NYSE:TOT). On May 29, ConocoPhillips announced first steam at the steam assisted gravity drainage [SAGD] operation and that it was on track for first-oil by Q3 2015. Once at full capacity [which should happen in 2017], the Surmont 2 development will add 118,000 bo/d of gross capacity to the Surmont complex, boosting its gross production up to 150,000 bo/d. This project will play an important role in ConocoPhillips growth plan, as its completion will both grow its production base while also providing it with the financial flexibility to keep spending under control. To read more about why ConocoPhillips is worth considering as a long-term investment, check out this article

Disclosure: Callum Turcan, the author, does not own any of the companies mentioned above. Always do your own due diligence before investing. 

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