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Conoco will shut down an oil field in Alaska.

December 05, 1986

The giant Texas oil company said it plans to mothball its 100-million-barrel oil field in Alaska by year-end because oil prices are too low to be profitable. Conoco's Milne Point facility, situated 240 miles north of the Arctic Circle, was brought into production just 13 months ago. The facility, designed to produce 11 million barrels of crude oil yearly, was Conoco's largest North American project. A spokesman said the the company plans to resume production "when prices get better."

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