ConocoPhillips keeps the home fires burning

By Noah Brenner Houston

 20 April 2012 05:42 GMT

ConocoPhillips plans to drive production growth by exploiting its onshore acreage position in the US, saying that those tight oil plays have among the highest returns in its global portfolio.

Production growth from the assets, which include the Eagle Ford, Bakken and stacked Permian tight oil targets, will be between 150,000 and 200,000 barrels per day from 2012 to 2016, according to senior company executives.

In all, ConocoPhillips plans to invest about $15 billion per year to increase production at an annual compound rate of 3% to 5% over the period.

After announcing it would spin off its refining business into a separate entity known as Phillips 66, ConocoPhillips became the largest US independent and largest independent producer in North America, with output…

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