Phillips Petroleum has approved expenditure for the first development phase of the Peng Lai (PL) 19-3 field in Block 11/05 offshore China in the Bohai Bay area. The company has made a total of six discoveries in this area. Production from the first phase of the PL 19-3 development program is projected to begin in early 2002. And, is expected to produce between 35,000 to 40,000 barrels of oil per day. Currently plans are underway to evaluate the data from the earlier wells. The fourth exploration well on this field is planned for later this year or early 2001. Phillips has a 100 percent working interest in this block and China National Offshore Oil Corporation has the right to acquire up to a 51 percent interest in any development in the block.

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