Conoco and Partners Sign Vietnam Exploration Contract.Business/Energy Editors NOTE TO MEDIA: Photo is available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com HANOI, Vietnam--(BUSINESS WIRE)--April 27, 2000 Conoco (NYSE NYSE See: New York Stock Exchange :COCA)(NYSE:COCB) and its partners PetroVietnam and Korean National Oil Corporation signed a Petroleum Contract today to begin exploration of Block 16-2 offshore Vietnam. Conoco will serve as operator during the exploration phase and will form a joint operating company operating company A business that engages in transactions with outsiders. once development begins. Conoco holds a 40-percent interest in the 1,114 square mile (2,785 square kilometer) area located near the existing Bach Ho petroleum field. A 3-D seismic survey will begin by the middle of 2000. "We have been working diligently over the past few years to grow our business in Vietnam as a key element in our upstream strategy to create an area of significant business value for Conoco in 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. ," said Rob McKee, executive vice president for worldwide exploration and production. "Conoco is fortunate to have found such quality partners in PetroVietnam and the Korean National Oil Corporation. In fact, this is our fourth project in which we have partnered with PetroVietnam and our second project to partner with both companies." Earlier this year, Conoco acquired a 30-percent interest in the Rang Dong oil producing field in Block 15-2 in the shallow water See:
The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. to the company's portfolio. Conoco also holds an interest in Block 15-1, located in the Cuu Long fairway. Block 15-1's first exploratory well will be drilled in mid-2000. Conoco is a major, integrated energy company based in Houston and active in 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 unsuccessful exploratory 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. Note: A Photo is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.042700/bb1 |
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