Phillips Petroleum Company Announces Successful Appraisal Well at Tyonek Deep Oil Play

Strategic Insights -

Phillips Petroleum Company, an integrated petroleum company, has announced the results of a successful appraisal well at the Tyonek Deep oil play in Alaska's Cook Inlet. The company drilled the Tyonek B-2 well to a measured depth of 14,537 feet in 100 feet of water and tested two intervals in the well, achieving a combined rate of 3,125 barrels of oil per day. The well is expected to be part of the company's plans for early production, with the goal of processing 5,000 barrels of oil per day by mid-1999.

Key Takeaways:

  • The Tyonek B-2 well achieved a combined rate of 3,125 barrels of oil per day from two tested intervals.
  • The well was drilled to a measured depth of 14,537 feet in 100 feet of water and tested oil gravity ranging from 39 to 43 degrees API.
  • Phillips plans to use the existing drilling rig to drill two development wells by mid-summer 1998.
  • The company is initiating engineering studies for the design of pipeline and production facilities to process 5,000 barrels of oil per day by mid-1999.
  • Phillips has a 100 percent interest in the Tyonek Deep oil play and is the operator of the field.
  • The company has 17,000 employees worldwide and had $13.9 billion of assets and $15.4 billion of revenues at year-end 1997.

Statistics:

  • 3,125: Combined rate of barrels of oil per day achieved by the Tyonek B-2 well.
  • 14,537: Measured depth of the Tyonek B-2 well in feet.
  • 100: Depth of water in feet where the well was drilled.
  • 39-43:Degrees API of oil gravity.
  • 2,000: Barrels of oil per day flowed from the Sunfish zone.
  • 1,125: Barrels of oil per day flowed from the North Forelands zone.
  • 45/64: Choke size used in testing the Sunfish zone.
  • 30/64: Choke size used in testing the North Forelands zone.
  • 18: Year Phillips Petroleum Company was founded.
  • 1997: Year-end for which Phillips had $13.9 billion of assets and $15.4 billion of revenues.
  • 1917: Year Phillips Petroleum Company was founded.
  • 1998: Year for which the company plans to drill two development wells.
  • 1999: Year by which the company plans to process 5,000 barrels of oil per day.

Sources:

  • Business Wire, "Phillips Petroleum Company Announces Successful Appraisal Well at Tyonek Deep Oil Play" (February 17, 1998)