ConocoPhillips (NYSE:COP) Approved for Jasmine Development

ConocoPhillips (NYSE:COP) has been given approval by the UK to begin development on the Jasmine gas/condensate discovery in the North Sea. Production is scheduled to begin in the fourth quarter of 2012.

Paul Warwick, ConocoPhillips president, UK and Africa, said: “Developing Jasmine to tie in effectively to J-Block’s existing infrastructure demonstrates that companies on the UK continental shelf still have opportunities to maximize production of their reserves and can continue to add value directly or indirectly to the UK supply chain. The development is another step towards our strategy of prolonged and efficient production from the North Sea.”

The discovery, which is one of the largest in the waters over the last several years, will at its peak production produce 88,000 barrels oil equivalent on a daily basis.