Conoco and Partners Expand Production in Vietnam.

Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--April 23, 2001

Conoco (NYSE:COCA)(NYSE:COCB) today announced the successful completion of development well 15P in Block 15-2 offshore Vietnam. The well has increased production in the Rang Dong field from approximately 45,000 to 55,000 barrels of oil per day (bopd), representing a new production milestone for the field.

The well tested at a flow rate of approximately 10,000 bopd from the basement reservoir. The well is expected to ultimately produce 10,000 to 12,000 bopd, increasing total field production to more than 55,000 bopd.

Block 15-2 is in 165 feet (50 meters) of water in the Cuu Long Basin, approximately 120 miles (180 kilometers) southeast of Ho Chi Minh City. The block covers 400,000 acres (1,615 square kilometers) and is in close proximity to the Bach Ho and Ruby fields.

Conoco holds a working interest of 36 percent in Block 15-2. Other partners are Japan Vietnam Petroleum Co Ltd. (46.5 percent, operator) and PetroVietnam (17.5 percent). In neighboring Block 15-1, Conoco and its partners have completed their first appraisal well on the Sutu Den discovery made last year. An extended well test is being conducted.

"Vietnam marked a huge milestone earlier this month when its crude oil exports, valued at US$15 billion, reached 100 million tons (745 million barrels)," said Rob McKee, Conoco executive vice president, worldwide exploration and production. "This is a great achievement for the Vietnamese people and another sign of continued progress for the economy. Conoco is pleased to be an important part of the region's burgeoning growth, and we look forward to further exploration and development in the area."

Conoco is the largest acreage holder of any foreign energy company in Vietnam, with interests in five offshore blocks totaling more than 5.75 million acres (23,285 square kilometers). Since 1996, Conoco has invested more than $200 million in Vietnam's prolific oil and gas industry, and plans to invest an additional $500 million over the next several years as part of an aggressive development plan for the region.

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

This release contains forward-looking statements about Conoco's business plans and operations. 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. Among the factors that could cause such differences are changes in oil and gas prices; unsuccessful exploration and 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 underground accumulations of oil and gas, inability to obtain government approvals for project development; interruption of operations due to accidents or political events, as well as other risks discussed in Conoco's publicly available filings with the Securities and Exchange Commission.