Conoco to cut estimate at key Canadian oil field

ConocoPhillips plans to cut its estimate of reserves at a key Canadian oil field after a slide in the expected value of production.

The group said it “anticipates a negative revision” of the proved crude oil reserves from the Surmont field in Alberta, which it operates in partnership with Total of France and US-based Devon Energy.
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The Surmont field is due to start production next year, with reserves of heavy bitumen previously estimated at 5bn barrels.
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