Conoco Awarded Acreage in North Sea

Conoco announced that it has been awarded a 40 percent interest, and operatorship, of approximately 400 square miles of new exploration acreage in the Norwegian sector of the North Sea.

Located 125 miles northwest from the Bergen coast and 30 miles north of the giant Statfjord field, the company has been granted a stake in three blocks 34/5, 34/6 and 35/9 (part), significantly boosting Conoco's acreage position offshore Norway.

"Conoco is delighted to receive these blocks which we believe offer high potential," said Archie Dunham, Conoco's chairman and CEO. "These blocks strengthen what is already a core area of activity for Conoco and provide significant future opportunity for the company."

Conoco has major holdings in Norway, including interests in the Heidrun, Statfjord, Grane, Visund and Troll fields, with current net production of 100,000 barrels of oil equivalent per day.

The North Sea Awards 2000 were announced in September 2000; the submission deadline was Dec. 14, 2000; and the awards were made March 22, 2001.