Conoco Expands Vietnam Office.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--July 17, 2000 With growing interests offshore Vietnam and optimism about the Southeast Asian economy, Conoco (NYSE NYSE See: New York Stock Exchange :COCA)(NYSE:COCB) is expanding its offices in Vietnam and transferring Houston-based manager Joe Hwang to 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. to oversee upcoming exploration and production activities and other company business. "Conoco sees considerable opportunity in Vietnam and 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. . The recent steps that the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Vietnam have taken to normalize normalize to convert a set of data by, for example, converting them to logarithms or reciprocals so that their previous non-normal distribution is converted to a normal one. trade relations are yet another signal of continued progress for the Vietnamese economy," says Rob McKee, executive vice president, exploration and production. "Recently, we made several strategic acquisitions to enhance our portfolio in Vietnam and are actively pursuing opportunities in other Southeast Asian countries to turn the region into a major area of operations An operational area defined by the joint force commander for land and naval forces. Areas of operation do not typically encompass the entire operational area of the joint force commander, but should be large enough for component commanders to accomplish their missions and protect their for Conoco," McKee says. "The acquisitions have given our company significant holdings that complement our existing acreage, have added immediate earnings and production growth and strengthened the synergies we have created with an integrated development program. "The decision to transfer the Houston-based Vietnam management team to Ho Chi Minh City further signifies our commitment to the country. Leading the team will be Joe Hwang, General Manager of Vietnam, who has been with Conoco for 20 years and has managed several projects in Asia, as well as the North Sea, Russia, Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . I am certain that Joe and his team will continue to make progress to broaden Conoco's position in Vietnam and build on the ties we have established with our partners," McKee added. Conoco established its first Vietnam office in 1996 and currently has offices in Hanoi, Ho Chi Minh City and Vung Tau Vũng Tàu pronunciation is a city in southern Vietnam. Its population in 2005 was 240,000. The city area is 140 km² (54 square miles) including 13 urban wards and one village. . Conoco is the largest acreage holder of any foreign company in Vietnam. Current holdings include Blocks 15-1, 15-2, 16-2, 133 and 134. The Block 15-2 partnership has implemented horizontal drilling technology in the Rang Dong field, which has greatly improved the daily production from those wells. Total production for the field is approximately 40,000 BPD at this time and more production and appraisal wells will be drilled this year. In August, Conoco and its joint-operating partner Korean Nation Oil Company will drill their first exploration well in Block 15-1, located 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. Also next month, Conoco will begin acquiring 3-D seismic data for Block 16-2, located near the existing giant Bach Ho oil field. Conoco holds a 40-percent interest in the block and will serve as operator for the exploration, development and the first production phases. "Overall, Conoco is very active in Vietnam," McKee adds. "In addition to our existing business programs, we are actively pursuing other oil and gas opportunities in the country and the possibility of entering the power generation business." Conoco is a major, integrated energy company based in Houston and active in more than 40 countries. This release contains forward-looking statements about Conoco's business plans. 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 accurate. Actual outcomes and results may differ materially from what is expressed herein. Among the factors that could cause such differences are changes in crude oil and natural gas prices; unsuccessful exploratory or development drilling activities; failure to achieve expected reserve or production levels due to operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc underground accumulations of oil and gas, inability to obtain government approvals for project development; and interruptions of operations due to accidents or political events, as well as other risks discussed in detail in Conoco's publicly available filings with the Securities and Exchange Commission. |
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