ConocoPhillips China
  • Who We Are
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    Who We Are

    ConocoPhillips China, world’s largest independent E&P company, oil and gas exploration and production operations in China.

    Our Company

    ConocoPhillips China Inc. (COPC) is a wholly-owned subsidiary of ConocoPhillips undertaking oil and gas exploration and production operations in China. GO

    Our Vision In China

    Be the leading independent oil and gas supplier to the Chinese economy, delivering value to the people of China, local communities, investors, partners and employees through the application of our SPIRIT value. GO

    Business Ethics

    Business Ethics, Conduct & Policy. GO

    SPIRIT Values

    Our SPIRIT Values – Safety, People, Integrity, Responsibility, Innovation, Teamwork GO

    Clean Energy

    Secure and sustainable energy future of ConocoPhillips China. GO

    Our story in China

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  • Sustainable Development
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    Sustainable Development

    ConocoPhillips has proudly supported the sustainable development of China’s energy resources for more than 30 years.

    Our Commitment

    We are committed to delivering on our global commitment to economic growth, a healthy environment and vibrant communities across our operations in China. GO

    Commitment to the Bohai Sea

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    Our Approach

    ConocoPhillips promotes sustainable development by practicing five competencies: integration, stakeholder engagement, lifecycle management, knowledge management and innovation. GO

  • In Communities
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    In Communities

    ConocoPhillips China takes action for the good of the community.

    Education & Youth Development

    An important part of our business is the philanthropic work we undertake in our community, and education and youth programs are at the heart of it. GO

    Environment

    Our goal is to operate our businesses in a safe and environmentally friendly manner causing harm to no one, be they employees, contractors, customers, neighbors or communities. GO

    Disaster Relief

    ConocoPhillips China is ready to provide support to the communities that are badly impacted by natural disasters. We provided funds to Sichuan Wenchuan in 2008 and Qinghai Yushu in 2010 that were devastated by earthquakes. GO

    Health, Safety & Social Services

    Supporting organizations that connect citizens and families in need with basic human or social services to ensure their safety, health and well-being. GO

    Employee Volunteerism

    Embedded in the SPIRIT of ConocoPhillips' core values is a strong commitment to building a legacy of trust and enhancing the quality of life in the communities in which we live and operate. GO

    Bohai Environmental Sustainability Initiative

    ConocoPhillips is committed to supporting programs that enhance the marine environment and bring long-term benefit to China, with special focus on Bohai Bay and its communities. GO

ConocoPhillips Announces Three Agreements with PetroChina

February 21, 2013

HOUSTON – ConocoPhillips (NYSE: COP) today announced that it has entered into a set of agreements with PetroChina Company Ltd. (PetroChina) whereby PetroChina will acquire an interest in two Western Australia exploration assets and establish a Joint Study Agreement (JSA) for unconventional resource development in Sichuan Basin in China.

Under these agreements, which still require government and partner approvals, PetroChina will acquire a working interest in the Poseidon offshore discovery in the Browse Basin, and in the Goldwyer Shale in the onshore Canning Basin. In addition, ConocoPhillips will enter into a Joint Study Agreement to identify unconventional resource reserves in the Neijiang-Dazu Block in China’s Sichuan Basin.

"ConocoPhillips is pleased that PetroChina has recognized the significant resource potential and value of the Australian opportunities. Likewise, ConocoPhillips recognizes the Sichuan Basin as having some of the most prospective marine shales in China and looks forward to working with one of the world’s leading energy companies," said Don Wallette, executive vice president, Commercial, Business Development and Corporate Planning, ConocoPhillips. "The signing of these three agreements marks a significant step toward increased global collaboration between our companies."

Under the terms of the agreement with ConocoPhillips, PetroChina will acquire working interest in the two Australian projects; specifically 20 percent of Poseidon in the Browse Basin and 29 percent of Goldwyer in the Canning Basin.

Under the JSA, ConocoPhillips and PetroChina will study the potential for unconventional resource development in the approximately 500,000 acre Neijiang-Dazu Shale Block in the Sichuan Basin. The joint study will be an important step in evaluating the potential for unconventional resource exploration in the area. If technically and commercially viable, the companies will advance development under a production sharing contract, which would be agreed upon during the study period.

Todd Creeger, President, ConocoPhillips Australia-West said the agreement with PetroChina was significant for the company’s growth plans in both China and Australia. "We welcome PetroChina as a new joint venture participant in our Australian offshore and onshore exploration projects. We look forward to jointly delivering two successful assets," Creeger said.

Jim Taylor, President, ConocoPhillips China stated, "This is a great opportunity for ConocoPhillips to cooperate with PetroChina in order to study the potential for unconventional resource development here in China. We believe that the cooperation between the two companies will form an important driver in promoting clean energy supply to China and contributing to the country’s transition into a clean energy economy."

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About ConocoPhillips

ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 29 countries, $55 billion in annualized revenue, $120 billion of total assets, and approximately 18,000 employees as of Sept. 30, 2013. Production from continuing operations averaged 1,511 MBOED for the nine months ended Sept. 30, 2013, and proved reserves were 8.6 billion BOE as of Dec. 31, 2012. For more information, go to http://www.conocophillips.com.

Contacts

 

John McLemore (media)
Tel: 281-293-1247
E-mail: john.l.mclemore@conocophillips.com

 

 

Aftab Ahmed (media)
Tel: 281-293-4138
E-mail: aftab.ahmed@conocophillips.com

 

 

Vladimir R. dela Cruz (investors)
Tel: 212-207-1996
E-mail: v.r.delacruz@conocophillips.com

 

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. Where, in any forward-looking statement, the company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of oil and gas reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; difficulties in developing new products and manufacturing processes; unexpected cost increases; international monetary conditions; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, ConocoPhillips undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.