Pioneer’s Oooguruk has started production. Trading Markets reports that:
The company said it began oil production at its Oooguruk field, breaking a 30-year monopoly by global companies BP PLC (NYSE: BP), ConocoPhillips (NYSE: COP | Quote | Chart | News | PowerRating) and Exxon Mobil (NYSE: XOM).
Pioneer said it expects to reach peak production of about 20,000 barrels of oil per day. It projects the field to produce 90 million barrels of oil over the next 25 to 30 years. Last year, Pioneer completed its offshore development on a manmade island the company built from scratch.
The company has a 70 percent stake in the field, while Italian energy company Eni holds 30 percent. Shares of Pioneer Natural Resources rose 37 cents to close at $75.65 Wednesday.
Forbes has also reported the information. I’ve blogged previously about Oooguruk (here and here). Pioneer has utilized some cutting edge technologies in the development of this field. Oooguruk is the first independent smaller operator to break into the North Slope, utilizing the North Slope Facility Sharing Agreement to break the monopoly of the majors (BP, ConocoPhillips, and ExxonMobil).