Dubai Offshore Oil Fields Transition to New Operator

HOUSTON--(BUSINESS WIRE)--Aug. 6, 2006
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
Government." 
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. 
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. 
CONTACT:
 
 
Press spacebar to pause and continue. Press esc to stop.