Dubai Offshore Oil Fields Transition to New Operator

The Government of Dubai and Dubai Petroleum Company
(DPC) today announced a joint agreement that will change the operating
arrangements for Dubai offshore oilfields. Effective April 2007, DPC
will end its role as operator, marking the end of Dubai's first
offshore oil concession and the beginning of a new phase in which the
Emirate of Dubai will directly control its offshore oil resources. 
DPC is wholly owned by ConocoPhillips (NYSE:COP) and part of the
DPC/Dubai Marine Areas Limited ("DUMA") consortium involving interests
from Total (France), Repsol YPF (Spain), RWE Dea AG, a subsidiary of
RWE AG (Germany) and Wintershall AG, a subsidiary of BASF (Germany). 
"Our relationship with the DPC/DUMA consortium was established in
1961," said Abdulla Abdul Karim, Dubai Government representative.
"This relationship has served Dubai well over the years and we are
grateful to ConocoPhillips, Total, Repsol YPF, RWE Dea and Wintershall
for the role they have played in building the new Dubai. Forty years
later, it is clear that production will now far outlast the period of
the concession agreement, and all parties agree that it is appropriate
to initiate a transition of operatorship to the government at this
time and to begin a new era." 
"DPC would like to thank the Government of Dubai for the unique
opportunity we have had to be involved in the growth and success that
Dubai has experienced over the last 40 years," said Bill Arnold,
president, Dubai Petroleum Company. "DPC will do its part to
successfully facilitate the handover of the operations to the
Dubai oil will continue to be freely traded in the international
oil market under contracts established by the Government and Dubai
Petroleum Establishment (DPE), a new entity wholly owned by the
Government of Dubai. Effective 2 April 2007, DPE will be responsible
for operating the oilfields and for all future business related to the
production of oil and gas in Dubai. 
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