Conoco and Partners Achieve Record Flow Rates

Conoco and its partners on offshore Vietnam Block "15-1" have achieved a record-setting flow rate of 17,800 barrels of oil per day (bpd) from the block's first exploratory well in the Cuu Long Basin, 120 miles (180 kilometers) southeast of Ho Chi Minh City.

The discovery was made in late September and the operators for Block "15-1" believe the combined 17,800-bpd flow rate is a record for a single well in Vietnam. This rate is based on combined well tests of more than 12,600 bpd from three zones, and an additional estimated 5,200 bpd from three other zones.

An appraisal well and second exploratory well will be drilled on the block in the first quarter of 2001 to confirm the potential of the acreage. Conoco also plans exploratory drilling on several other offshore Vietnam blocks next year.

"Conoco, along with our partners, is obviously very encouraged by the continued success of this first well test," says Rob McKee, Conoco executive vice president for exploration and production. "The results have exceeded our expectations and we hope to ultimately justify a sizeable development in Block "15-1." If the second well is successful, the partners will consider an accelerated development plan to bring this discovery to production."

Conoco holds a 23.25 percent interest in Block "15-1." Other partners are PetroVietnam (50%), Korean National Oil Company (14.25%), SK Corp (9%) and Geopetrol (3.5%).

Conoco is one of the leading foreign oil companies in Vietnam with interests in five offshore blocks totaling more than 5.75 million acres (23,285 square kilometers). Block "15-1" covers 1.15 million acres (4,634 square kilometers) and is situated near the producing Bach Ho, Ruby and Rang Dong fields.

Conoco holds a 30 percent interest in Block "15-2" which is currently producing approximately 40,000 bpd from Rang Dong Field. The company also holds a 40 percent interest in Block "16-2" which is currently undergoing a 3-D seismic survey. Conoco will serve as the operator for Block "16-2's" exploration, development and first production phases. In addition, Conoco is the operator with a 70 percent interest in the deepwater Blocks "133" and "134."

Conoco is a major, integrated energy company active in more than 40 countries.