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NEWS BULLETIN

December 20, 2004 --- Vol. 10, No. 121December 2004

ConocoPhillips, Anadarko sanction development at Fiord, Nanuq

ConocoPhillips and Anadarko Petroleum Corp. said today that the companies have approved development of two Alpine satellite oil fields on Alaska’s North Slope following recent favorable record of decision rulings from the Bureau of Land Management and the Corps of Engineers on the Alpine satellites environmental impact statement.

The companies sanctioned two satellite drill sites, CD 3 on the Fiord oil field and CD 4 on the Nanuq oil field. Both are within an eight-mile radius from the ConocoPhillips-operated Alpine oil field on the border of the National Petroleum Reserve-Alaska.

ConocoPhillips said plans call for drilling of approximately 40 wells, with first production scheduled for late 2006 and peak production of approximately 35,000 barrels of oil per day gross in 2008. The company said the fields will be developed exclusively with horizontal well technology and employ enhanced oil recovery, similar to the Alpine field.

The oil will be processed through the existing Alpine facilities at CD 1. ConocoPhillips said that while Alpine was originally estimated to produce 80,000 bpd, the field is currently producing an average of 115,000 bpd gross and Fiord and Nanuq added, production from the facilities is expected to peak at 135,000 bpd gross in late 2007.

“The companies will continue to pursue the outcome of state, local and federal permits for the three remaining Alpine satellite developments in the National Petroleum Reserve-Alaska,” ConocoPhillips said. “A final decision to move forward on these three satellite oil fields will not be sanctioned until after the outcomes of remaining permits are known.”

ConocoPhillips Alaska owns 78 percent of the Alpine, Fiord and Nanuq oil fields; Anadarko owns 22 percent.

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