| Key Facts |
Employees: 2
Total Average Daily Production in 2007:
Crude Processing Capacity: --
Major Office Locations: Puerto La Cruz |
Exploration and ProductionAs of mid-2008, negotiations continue between ConocoPhillips and Venezuelan authorities concerning appropriate compensation for the expropriation of the company’s interests. The company continues to preserve all rights with respect to this situation, including rights under the contracts signed and under international and Venezuelan law. Additionally, ConocoPhillips has initiated international arbitration proceedings in an effort to realize prompt, adequate and effective compensation for the value of the company’s oil investments and operations in Venezuela.
Plataforma Deltana Block 2
ConocoPhillips has a 40 percent interest in Plataforma Deltana Block 2. The block is operated by the co-venturer and holds a gas discovery made by Petróleos de Venezuela S.A. (PDVSA) in 1983. PDVSA has the option to enter the project with a 35 percent interest, which would proportionately reduce our interest in the project to 26 percent. In December 2007, the co-venturers presented the notifi¬cation of commerciality and submitted a conditional development plan for governmental approval in compliance with license requirements. Several critical components required to progress an investment decision have not yet been defined by the government. Assuming timely resolution of these components, a preliminary engineering study could be completed by late 2008, and a more significant devel¬opment engineering study could be completed by late 2009.
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