Houston, TX, March 02, 2005 --(PR.com
[NYSE:COP] today announced that a PETRONAS Carigali-ConocoPhillips joint venture has signed a Production Sharing Contract with PETRONAS, the Malaysian national oil company, for the appraisal and development of the Kebabangan oil field, in waters off the northwest coast of Sabah, Malaysia.
The Kebabangan field was discovered in 1994 when the initial exploration well encountered a thick gas column with a thin oil rim. An appraisal well drilled in 2002 penetrated gas as well as an oil column in several reservoir intervals. Well tests showed the oil to be light and of high quality.
The Kebabangan discovery will go through an additional appraisal phase to determine the extent and commerciality of the oil reserves, and if successful, will move into development. Water depths range from 400 to 800 feet.
The Kebabangan appraisal represents an opportunity for ConocoPhillips and PETRONAS Carigali to build upon previously announced exploration success in their continuing deepwater Malaysian exploration program in deepwater blocks G and J offshore Sabah. These earlier announcements involved two oil discoveries – Gumusut in 2003 and Malikai in 2004 – in which ConocoPhillips holds an interest, along with PETRONAS Carigali and Shell.
Joint-venture partners in the Kebabangan field are ConocoPhillips (East Malaysia) Ltd., 40 percent, and PETRONAS Carigali, 60 percent. A joint operating company located in Kuala Lumpur will be established to act as the operator of the block on behalf of the partnership.
"We are excited about our growing position in Malaysia and the strong partnership we have built with PETRONAS," said Ryan Lance, president of Asia Pacific for ConocoPhillips. "Together, we hope that ConocoPhillips and PETRONAS will be able to continue to build a strong legacy position in Malaysia and other areas that will add to each company’s growth and value in Southeast Asia.
ConocoPhillips is an integrated oil company with interests around the world. For more information, go to www.conocophillips.com.
- # # # -
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management’s expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). ConocoPhillips is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.