ConocoPhillips Announces Approval of Corocoro Development Plan.Energy Editors/Business Editors HOUSTON--(BUSINESS WIRE)--April 10, 2003 Conoco Venezuela C.A., a unit of ConocoPhillips (NYSE NYSE See: New York Stock Exchange :COP), and its partners today announced that they have received approval for Phase I of the development plan for the Corocoro field in Venezuela's Gulf of Paria West area. The approval was granted by the Control Committee, comprised of representatives of the Ministry of Energy and Mines, Petroleos de Venezuela, S.A. (PDVSA PDVSA Petroleos De Venezuela, SA ) and the partners. The total investment for the Corocoro Phase I development is estimated at $480 million over the next three years. The development is expected to achieve average annual oil production of 55,000 gross barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. , with a gravity of 24.5 degrees API, approximately two and a half years after development begins. Additional phases will be considered based on the success of Phase 1. ConocoPhillips was awarded the Gulf of Paria West block under a profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of agreement with the Venezuelan state during the first exploration bidding round (Apertura) in 1996. The Corocoro field was discovered in early 1999, and ConocoPhillips and its partners completed the evaluation program last year. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the agreement, CVP CVP central venous pressure. CVP abbr. central venous pressure CVP central venous pressure. CVP Central venous pressure, see there (a subsidiary of PDVSA) has elected to acquire a 35 percent participating interest in the development. CVP's election proportionately reduces the partners' interests. ConocoPhillips will continue to be the operator of Corocoro on behalf of its partners: CVP, Eni and Opic Karimun Corporation. ConocoPhillips is an integrated petroleum company with interests around the world. Headquartered in Houston, the company had approximately 57,000 employees and $77 billion of assets as of Dec. 31, 2002. For more information, go to www.conocophillips.com. |
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