ConocoPhillips puts BC Montney growth plan into action

ConocoPhillips made headlines in our TOP WELL REPORT with 5 of the top 15 oil/condensate wells in the month of January, but it wasn’t just those wells that had strong production rates in the month.

BOE Intel’s newest top well feature shows that the company actually had 15 wells that produced greater than 600 bbl/d of condensate in January. Those wells are plotted on the map below (in blue) relative to the company’s Crown mineral rights (in yellow). BOE Intel subscribers should have access to this tool very soon.

On a corporate basis, ConocoPhillips now has gross licensed condensate production (including pentane) of over 20,000 bbl/d in BC. On a total BOE/d basis, gross licensed production in the province appears to be slightly more than 42,000 BOE/d (calculation below).

Amazingly this surge of activity from ConocoPhillips in the condensate rich Inga area already puts it into 8th place for condensate production in Canada, based on gross licensed production.

Gross licensed condensate production by licensee – January 2024

A few other stats about ConocoPhillips’ BC production as of January 2024 that show just how condensate rich this area can be:

• Total liquids content as a % of total production – 59%
• Condensate/Pentane only as a % of total production – 47%
• % of liquids that are “higher value” (only condensate/pentane) – 80%

ConocoPhillips gross licensed production – BC volumes

A few months ago we had profiled ConocoPhillips’ goal to add over 100 MBOE/d in the Montney over the coming decade. It looks like the company has officially begun taking steps in that direction.