Pioneer Natural Resources Starts North Slope Oil Production On Manmade Oooguruk Island

Jun 12, 2008 (financialwire.net via COMTEX) -- PXD | Quote | Chart | News | PowerRating -- June 12, 2008 (FinancialWire) Pioneer Natural Resources Co. (NYSE: PXD | Quote | Chart | News | PowerRating) has begun oil production from Alaska's North Slope, becoming the first independent oil company to do so.

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.

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