Conoco Acquires Statoil Interests Offshore Vietnam.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Dec. 20, 2001 Conoco Inc. (NYSE NYSE See: New York Stock Exchange :COC See chip on chip. ) announced its agreement with Statoil ASA Asa (ā`sə), in the Bible, king of Judah, son and successor of Abijah. He was a good king, zealous in his extirpation of idols. When Baasha of Israel took Ramah (a few miles N of Jerusalem), Asa bought the help of Benhadad of Damascus and , Norway's state-owned oil company, to purchase a portion of its interests in the $1.3 billion Nam Con Son natural gas project, offshore Vietnam. The new holdings increase Conoco's total acreage position in Vietnam to 6.05 million gross acres, or 3.2 million net. Conoco's purchase included Statoil's 50 percent interest in Block 05.3, which covers approximately 462,000 acres. Exploration and appraisal are ongoing. The company also acquired all shares of Statoil subsidiary, Statoil Vietnam AS, which owned a 16.33 percent stake in the Nam Con Son pipeline, a 240-mile delivery system that will transport natural gas from Nam Con Son fields to the Phu My industrial complex near Ho Chi Minh City Ho Chi Minh City, formerly Saigon, city (1997 pop. 5,250,000), on the right bank of the Saigon River, a tributary of the Dong Nai, Vietnam. . Gas delivery is scheduled to begin next year. The purchase supports Conoco's strategic growth plans for Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. and its objective of building a sustainable natural gas business in Vietnam. The company currently is the largest acreage holder of any foreign energy company in Vietnam. Conoco's current total production in Vietnam is about 50,000 barrels of oil per day (bpd), or 10,000 bpd net, produced from the Rang Dong Field in Block 15-2 in the Cuu Long Cửu Long (literally "nine dragons"; Hán Tự: ) was a province on the Mekong Delta in southern Vietnam. It was created in 1976 from the merger of Vinh Long Province and Vinh Binh Province. In 1992 Cuu Long was re-split into Vinh Long and Tra Vinh provinces. Basin. Added future production is expected when the Sutu Den Field in Block 15-1, also in the Cuu Long Basin, comes on-stream, scheduled for late 2003. Early estimates of Sutu Den's initial future production are around 65,000 bpd. Note to Editors: Other stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. in the Nam Con Son pipeline are BP (32.67%), who will turn over the role of operator to majority stakeholder PetroVietnam (51%) after the first five years of production. BP holds remaining 50 percent of Block 05.3. Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Disclaimer: This document contains forward-looking statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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. http://www.Conoco.com |
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