Greater Moose’s Tooth (GMT) Unit project in Alaska is anticipated to commence production in late 2018, according to a report by GlobalData.
Titled 'US – Alaska Greater Mooses Tooth Unit Project Panorama – Oil and Gas Upstream Analysis Report', the report analyses the Greater Moose’s Tooth Phase 1 project (GMT-1).
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GMT is located in the National Petroleum Reserve in Alaska (NPR-A), with GMT-1 located in the western section of the asset. It is the first oil and gas field to be located in NPR-A on Alaska’s North Slope.
The project was sanctioned in November 2015 at an estimated development cost of $900m. Operated by ConocoPhilips Alaska, the project is expected to produce 30,000 barrels of oil a day at its peak.
ConocoPhilips plans to develop GMT-1 by drilling exploratory wells and leveraging its existing infrastructure located at the Alpine Project. It will bring online one pool at a time through tie-back to the Alpine Project’s Colville Unit, which has been upgraded to handle the production from GMT.
The GMT project has been approved by Alaska’s Legislature under the More Alaska Production Act, providing it with a business-friendly tax structure.
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By GlobalDataAs per the act, production from the GMT project will be categorised as new oil and no production taxes will be collected when prices are less than $73 a barrel.
ConocoPhilips is appraising four other prospects located within the GMT, apart from the main GMT-1 prospect. The company’s next target for production is expected to be the GMT-2 prospect located five miles farther west in the NPR-A.
