ConocoPhillips: No Chukchi drilling till 2015

On hold: ConocoPhillips says no Chukchi drilling until at least 2015

US oil major ConocoPhillips does not plan to drill exploration wells in the Chukchi Sea before 2015, according to a report.

"It's not going to be 2014, so what that really means is 2015 at the earliest," chief financial officer Jeff Sheets told Reuters. "It's something we will continue to evaluate and will continue to try and understand what the requirements are going to be to operate out there."

The Houston-based company said earlier this month that it was putting its Alaskan drilling plans on hold due to regulatory uncertainty. That decision followed Shell's earlier announcement that it was scrapping its 2013 Alaska drill plans after an especially challenging 2012 season.

ConocoPhillips also said recently that it is considering making a bigger investment in Alaska after the state's legislators cut oil production taxes.

"We are currently analysing the possible impact to our business including where we could or would increase investment in Alaska," Matt Fox, ConocoPhillips' head of E&P said on a conference call with analysts on Thursday, according to the news wire.

ConocoPhillips' current Alaska production dropped nearly 8% in the first quarter to 218,000 barrels oil equivalent per day, but new work is planned for the North Slope.

The company's net profits in the 2013 first quarter came to $2.14 billion, down from $2.94 billion a year earlier.

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