Conoco Acquires Additional Interests in Norwegian Producing Oil and Natural Gas Fields.

Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--March 20, 2002

Conoco Inc. (NYSE:COC) has reached agreement with the Norwegian State to purchase an additional 6-percent interest in the billion-barrel Heidrun oil and natural gas field and a 15-percent interest in the Njord field. The purchased interest in both fields will raise the company's total Norwegian production by almost 20 percent to about 120,000 barrels of oil equivalent (boe) (approximately 26,000 boe of which is natural gas).

With this purchase, Conoco has been selected to be an active participant in the restructuring of Norwegian petroleum assets to increase efficiencies on the Norwegian Shelf.

The transaction will increase Conoco's share in the Heidrun field, which the company discovered in 1985, from 18.3 percent to 24.3 percent. The field, located in the Norwegian Sea in 1,100 feet of water, was developed by Conoco using innovative concrete tension leg platform technology. Production from Heidrun began in 1995 and is expected to extend beyond 2020.

The Njord field also is located in the Norwegian Sea and has been producing since 1997. The field was developed by a floating semi-submersible drilling and production facility.

The additional interest in Heidrun and Njord will add around 50 million boe (of which approximately 7 million boe is natural gas) to Conoco's 2002 proven reserves.

"The purchase supports Conoco's strategic growth plans for Norway. It increases our presence significantly in the Norwegian North Sea and gives strategic weight to the application that Conoco has submitted for the 17th Licensing Round," said Tina M. Langtry, president and managing director Conoco Norway.

In Norway, Conoco holds interests in several world-class oil and gas fields, including Statfjord, Troll, Heidrun, Grane, Visund, Huldra and Oseberg South. For 10 years, the company's annual investment in exploration and new field development in Norway has averaged more than $250 million. Prior to increasing its interests in the Heidrun and Njord fields, Conoco's daily production was about 100,000 boe.

Conoco is a major, integrated energy company active in more than 40 countries.

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Forward-Looking Statement Disclaimer: This document contains forward-looking statements relating to the company's operations and business plans that are based on management's current expectations, estimates and projections. These statements are not guarantees of future performance, involve certain risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially include without limitation changes in crude oil and natural gas prices; unsuccessful exploratory and development drilling; failure to achieve expected reserve or production levels due to operating hazards, drilling risks, and the inherent engineering uncertainties in estimating oil and gas reserves; potential disruption or interruption of the Company's facilities and operations due to accidents or political events; general domestic and international economic and political conditions; and other matters set forth in the Company's periodic filings with the Securities and Exchange Commission.