The Other International segment and Exploration cover a balanced, global portfolio of high-quality conventional and unconventional exploration opportunities.
ConocoPhillips has proved reserves of approximately 6.4 billion barrels of oil equivalent (BOE) and a large, diverse, low cost of supply resource base that provides the company with significant flexibility for future growth.
In 2016, ConocoPhillips re-focused its exploration strategy, emphasizing flexibility and discovering new barrels that are accretive to its existing low cost of supply portfolio. The company will focus exploration activity in select existing business units—Alaska, Lower 48, Malaysia and Norway—where the company can leverage existing infrastructure and experience. ConocoPhillips will also concentrate on international exploration opportunities that provide both scale and flexibility, with international new venture activity ongoing in Chile and Colombia.