Conoco content with current oil sands position
Wed Feb 13, 2008 10:54am EST
HOUSTON, Feb 13 (Reuters) - The head of ConocoPhillips (COP.N: Quote, Profile, Research) in Canada said on Wednesday the company is content with its oil sands position and has no current plans for expansion.
"We have a substantial resource position, and at this time, we're focused on developing that resource position," Kevin Meyers, president of ConocoPhillips Canada, told reporters after a CERA conference breakfast meeting.
ConocoPhillips is operator of Surmont, an oil sands deposit within the Athabasca region of northern Alberta.
The third largest U.S. oil company also operates a joint venture with Syncrude Canada Ltd and a partnership with EnCana Corp (ECA.TO: Quote, Profile, Research).
ConocoPhillips is currently producing 60,000 barrels oil equivalent per day (boe) from its oil sands properties, Meyers said, adding that production from its Syncrude joint venture alone is expected to grow to 400,000 boe per day over the next decade.
"We see a lot of potential here," he said. (Reporting by Anna Driver in Houston)
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