ConocoPhillips receives approval of Corocoro development plan

ConocoPhillips unit Conoco Venezuela CA and its partners received approval Thursday from Venezuela's Ministry of Energy and Mines and Petróleos de Venezuela SA (PDVSA) to proceed with Phase I of Corocoro field development in the Gulf of Paria West off Venezuela.

April 11, 2003

By OGJ editors

HOUSTON, Apr. 11 -- ConocoPhillips unit Conoco Venezuela CA and its partners received approval Thursday from Venezuela's Ministry of Energy and Mines and Petróleos de Venezuela SA (PDVSA) to proceed with Phase I of Corocoro field development in the Gulf of Paria West off Venezuela.

The consortium will invest $480 million over the next 3 years to produce an annual 55,000 b/d of 24.5° gravity oil beginning 2 1/2 years after development begins. Additional phases will be considered based on the success of Phase 1.

Partners are PDVSA subsidiary CVP, Italy's ENI SPA unit Agip Venezuela BV, and OPIC Karimun Corp., an affiliate of Taiwan's state-owned Chinese Petroleum Corp. unit Overseas Petroleum & Investment Corp.