Mackenzie Delta Pipeline Making Progress

Conoco said that it is pleased, as a member of the Mackenzie Delta Producers Group, to be starting work on regulatory applications needed to develop onshore natural gas resources in the Mackenzie Delta, including a natural gas pipeline which would transport natural gas from the Mackenzie Delta in the North West Territories, some 800 miles south to existing pipeline infrastructure in northwestern Alberta. The Mackenzie Delta Producers Group made the announcement jointly with the Mackenzie Valley Aboriginal Pipeline Corporation.

The Mackenzie Delta Producers Group comprises Conoco Canada, Imperial Oil Resources, Shell Canada Limited and ExxonMobil Canada.

"Conoco continues to be firmly committed to an expeditious schedule for development of the valuable natural gas reserves of the Mackenzie Delta," said Archie Dunham, Conoco's chairman and CEO. "We are very pleased with the progress that has been made by the Mackenzie Delta Producers Group in the last several months."

"The Mackenzie Valley is important to the future of northern Canada, and is a significant growth area for Conoco. We look forward to working with the Producer Group partners, as well as the Mackenzie Valley Aboriginal Pipeline Corporation and the Canadian authorities, to ensure that these natural gas reserves are produced and transported to market in a safe, efficient and environmentally sensitive manner," Dunham added.

It is expected that the regulatory application will be filed in 2003.