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ConocoPhillipsFact Book Spring 2012

China

Bohai Bay

Peng Lai 19-3, 19-9, 25-6

Block 11/05

Operator: ConocoPhillips (49.0%)

Co-venturer: CNOOC (51.0%)

The Peng Lai 19-3 discovery was drilled in

1999 in Block 11/05 o Chinas Bohai Bay. Six

successul appraisal wells ollowed. Phase I

development o the eld began in 2002.

Peng Lai Phase II development included the

installation o ve additional drilling and

production platorms and the construction o

an FPSO vessel. All platorms have been

installed, and the new FPSO vessel started

operation in 2009 and is used to

accommodate production rom the Peng Lai

19-3 Field, as well as the nearby Peng Lai

19-9 and Peng Lai 25-6 elds. Netproduction rom the Peng Lai Area is

expected to increase due to continued

development.

In 2011, crude oil production was impacted

by two incidents that occurred in June 2011.

Production was curtailed as a result o the

incidents. Eorts to meet government

requirements or restoring normal operations

in the Peng Lai 19-3 and 19-9 oil elds

continue into 2012.

South China Sea

Panyu 4-2, 5-1, 11-6

Block 15/34

Operator: CNOOC (75.5%)

Co-venturer: ConocoPhillips (24.5%)

Block 15/34 in the South China Sea contains

three oil elds, Panyu 4-2, Panyu 5-1 and

Panyu 11-6, operated by CNOOC. A major

expansion project targeted or completion in

2013 will add two additional drilling and

production platorms.

Area Interest Operator Liquids Natural Gas Total MBD MMCFD MBOED

Peng Lai 49.0% ConocoPhillips 42 42

Panyu 24.5% CNOOC 10 10

Total China 52 52

China Average Daily Net Production, 2011

Hong Kong

Pacic OceanSouthChinaSea

Beijing

Ye

ll

ow

Sea

ChengduShanghai

CHINA

5000

Miles

ConocoPhillips Acreage

Oil Field

CHINA

Bohai Bay

BozhongBlock 11/05

PL 19-3

PL 19-9

PL 25-6

500

Miles

Panyu 4-2

Panyu 11-6

Panyu 5-1

Block 15/34

South China Sea

100

Miles

Asia Pacifc and Middle East


2/8


52

ConocoPhillips has had a presence in

Indonesia or more than 40 years,

operating six production-sharing

contracts (PSCs). Three o the blocks are

located oshore: the South Natuna Sea

Block B PSC, the Kuma PSC and the

Araura Sea PSC. The three onshore PSCs

are the Corridor Block PSC and the South

Jambi B PSC, both in South Sumatra, as

well as the Warim PSC in Papua.

Indonesia

5000

Miles

Jakarta

Warim PSC

Kuma PSC

MALAYSIA

SINGAPORE

South Natuna SeaBlock B PSC

South China

SeaPacicOcean

SUMATRA

MALAYSIA

BRUNEI

PHILIPPINESTHAILAND

KALIMANTAN

PAPUASULAWESI

JAVA

South Jambi

B PSC

Corridor Block PSC

IndianO

cean

INDONESIA

ConocoPhillips Pipeline InterestConocoPhillips Acreage

South Natuna Sea

South Natuna Sea Block B PSC


Co-venturers: INPEX (35.0%),

Chevron (25.0%)

The PSC was awarded in 1968, and rst

production came on line in 1979. The term o

the PSC was extended in 1998 and is

currently scheduled to expire in 2028. The

block is located in approximately 300 eet o

water and has three producing oil elds, as

well as 11 gas elds in various phases o

development. Four o the gas elds also

have recoverable oil or condensate volumes.

In 2009, the North Belut Field began

production. These elds are part o the

continuing development o the block to

support existing gas sales commitments, as

well as new LPG sales to the local

Indonesian market.

Natural gas rom the PSC is sold through

two long-term gas sales contracts. The PSC

is part o the West Natuna Gas Supply

Group, a group o three PSCs that supply

gas to Sembgas in Singapore. The PSC also

supplies gas to Petronas in Malaysia under a

separate contract.


South Natuna Sea 40.0% ConocoPhillips 8 117 28

South Sumatra 45.0%-54.0% ConocoPhillips 3 333 58

Total Indonesia 11 450 86

Indonesia Average Daily Net Production, 2011



3/8


Asia Pacifc and Middle East Indonesia

South Jambi B PSC


Co-venturers: PetroChina (30.0%),

Pertamina (25.0%)

The South Jambi B PSC is located in South

Sumatra. The PSC was awarded in 1990 and

will expire in 2020. There are three gas elds

in various phases o development.

South Sumatra

Corridor Block PSC


Co-venturers: Talisman (36.0%),

Pertamina (10.0%)

The Corridor Block PSC is located in South

Sumatra and covers a contract area o 911

square miles. The PSC was awarded in 1983

and is scheduled to expire in 2023 under the

current extension. The block consists o six

oil elds and six natural gas elds. The

principal oil-producing elds are Puyuh,

Supat and Rawa, and the principal gas elds

are Suban, Sumpal, Dayung and Gelam.

Exploration and Business Development

Blocks 10/11

Operator: ConocoPhillips (100%)

Blocks 10 and 11 are in the unexplored

deepwater region o the Bay o Bengal,

oshore Bangladesh. The combined blocks

comprise approximately 1.3 million acres

with water depths ranging rom 3,300 eet

to 5,000 eet.

Government approval o the PSC terms was

received in June 2011. Seismic acquisition

activities commenced in February 2012.

Natural gas rom the PSC is sold through

long-term sales contracts to the domestic

and Singapore markets. In 2010,

ConocoPhillips and PT Chevron Pacic

Indonesia (CPI) signed gas sales agreements

to convert the existing gas-or-oil exchange

agreements into gas sale and purchase

agreements and agreed to deliver up to

514 trillion BTUs o additional gas rom the

Corridor Block PSC elds to CPIs Duri

Steamfood. Delivery o the new volumes is

anticipated to begin in 2013. Unitization of

the Suban natural gas eld was nalized in

2011, and as a result, 10 percent o the

elds proved reserves became attributable

to an adjacent PSC.

Bangladesh

License Interest Operator Recent Activity

Warim PSC 80.0% ConocoPhillips The Warim PSC was signed in 1987. This onshore explorat ion block is in an area o Papua.

Work continues to determine the prospectivity o the block.

Kuma PSC 60 .0 % ConocoPhillips The Kuma PSC was signed in 2007. This block is in a deepwater, rontier exploration area o

the East Makassar Straits. A 3-D seismic survey was acquired in late 2008, and an explorat ion

well was drilled in 2011.

Dhaka

BANGLADESH

INDIA

NEPAL

CHINA

BHUTAN

MYANMAR

Chittagong

Bay of Bengal

DS-08-10

DS-08-11

2000

Miles

ConocoPhillips Acreage

BANGLADESH



4/8


54

with ConocoPhillips holding a 21 percent

initial interest in the unit. Development o

Siakap North-Petai is currently under way

with rst production expected in 2013.

Block J

Gumusut

Operator: Shell (33.0%)

Co-venturers: ConocoPhillips (33.0%),

PETRONAS (20.0%), Murphy (14.0%)

The Gumusut-1 well was drilled in 2003

and resulted in an oil discovery. The eld

was successully appraised in 2004 and

2005 and eld development has

commenced with rst production

expected in late 2012.

Limbayong



PETRONAS (20.0%)

Appraisal o the Limbayong gas eld is

planned or 2013.

Kebabangan (KBB) Cluster

Kebabangan, Kamunsu East and

Kamunsu East Upthrown Canyon

Operator: Kebabangan Petroleum

Operating Company

Co-venturers: PETRONAS (40.0%),

ConocoPhillips (30.0%), Shell (30.0%)The Kebabangan Cluster PSC was signed

in 2007 or appraisal and development o

the Kebabangan, Kamunsu East and

Kamunsu East Upthrown Canyon gas and

condensate elds. A joint-operating

company, Kebabangan Petroleum

Operating Company, has been

established to serve as operator.

Development o the Kebabangan

Field was sanctioned in early 2011,

and rst production is targeted or 2014.

Appraisal o the Kamunsu East Field is

planned or 2013.


Block G

Malikai, Ubah and Pisagan



PETRONAS (30.0%)

The Malikai-1 and the Ubah-2 exploration

wells were drilled in Block G in 2004 and

2005, resulting in oil discoveries. An

additional oil discovery was made on

the block with the Pisagan-1A well in

2005. The Malikai discovery was

appraised in 2005 and 2006, and

development planning and ront-end

engineering are under way. Successul

appraisal wells were completed on

Ubah in 2008 and 2010.

Siakap North-Petai (SNP)

Operator: Murphy (32.0%)

Co-venturers: PETRONAS (26.0%),

ConocoPhillips (21.0%), Shell (21.0%)

The Petai-1 well was drilled in 2007,

resulting in an oil discovery, with

additional drilling completed in 2008.

Unitization of Petai and the Siakap North

Field in Block K was completed in 2011,

Malaysia

MALAYSIA

BRUNEI

G

G

G

J

UbahKBB Cluster

Malikai

Kebabangan

Gumusut

SNP

Limbayong

Pisagan

South China Sea

1000

Miles

MALAYSIA

ConocoPhillips Acreage Oil Field Gas Field

ConocoPhillips upstream involvement in

Malaysia began in 2000 and presently

consists o interests in three deepwater

blocks o the eastern Malaysian state

o Sabah: Block G, Block J and the

Kebabangan (KBB) Cluster. These three

blocks include eight discovered felds in

various stages, ranging rom appraisal

to development execution.



5/8


ConocoPhillips major Bayu-Undan gas

condensate development is located in the

Timor Sea joint petroleum development

area (JPDA) between Timor-Leste and

Australia. ConocoPhillips also operates

the associated Darwin LNG acility,

located at Wickham Point, Darwin.

ConocoPhillips also has a joint venture

with Origin Energy and Sinopec to

produce LNG rom coalbed methane

(CBM) basins in Queensland, Australia.

Additional operations are located

oshore and onshore in Western

Australia and oshore Australias

Northern Territory.

Australia and Timor-Leste

AUSTRALIA AND TIMOR-LESTE

ConocoPhillips Acreage Gas Field Pipeline WellJurisdictional Boundary

AU ST RALI A

Athena

APLNGQueensland

Bayu-Undan

Browse

Goldwyer

Greater Sunrise

1000

Miles

Dili

Suai

Bayu-Undan

JPDA

Greater Sunrise

Athena

NT/P61

NT/P69 Barossa

Browse

Caldita

WA-315-P

WA-314-P

WA-17-L

WA-398-P

Browse Basin

NORTHERN

TERRITORY

TIMOR-LESTE

INDONESIA

AUSTR AL IA

WESTERN

AUSTRA LIA

Darwin LNGFacility

Canning Basin

Broome

Dampier

Timor Sea

Indian Ocean


Bayu-Undan 56.9% ConocoPhillips 30 199 63

Athena/Perseus 50.0% ExxonMobil 35 6

Australia Pacifc LNG 42.5%1 Origin Energy 2 122 20

Total Australia and Timor-Leste 30 356 89

1In January 2012, Australia Pacifc LNG signed defnitive agreements speciying ter ms under which Sinopec will subscribe or an

additional 10 percent equity interest in Australia Pacifc LNG, with bot h ConocoPhillips and Origin Energys ownership interests diluting

to 37.5 percent. The transaction is subject to s atisaction o cert ain conditions to closing and is expected to occur in the sec ond quarter

o 2012.2Origin Energy is the operator o the ups tream development. ConocoPhillips is the operator o the downstream development.

Australia and Timor-Leste Average Daily Net Production, 2011



6/8


56

Asia Pacifc and Middle East Australia and Timor-Leste

During 2011, three signicant milestones

were achieved. First, environmental approval

was obtained rom the Australian ederal

government. Second, denitive agreements

were signed with Sinopec or the supply o

up to 4.3 MTPA o LNG or 20 years. The

agreements specied terms under which

Sinopec subscribed or a 15 percent equity

interest in APLNG, with both ConocoPhillips

and Origin Energys ownership interests

diluting to 42.5 percent. Completion o this

equity subscription occurred in August 2011.

Oshore

Bayu-Undan


Co-venturers: Santos (11.5%),

INPEX (11.4%), Eni (11.0%),

Tokyo Electric and Tokyo Gas

(aggregate 9.2%)

The Bayu-Undan gas condensate eld,

located within the Timor Sea JPDA, was

discovered in 1995. Production commenced

in 2004. Produced natural gas is used to

supply the Darwin LNG acility.

Athena/Perseus

Operator: ExxonMobil (50.0%)


The Athena production licence

(WA-17-L) is located oshore Western

Australia and contains part o the Perseus

Field that straddles the boundary with

WA-1-L, an adjoining license area. Natural

gas has been produced rom these licences

since 2001.

Australia Pacifc LNG

Upstream

Operator: Origin Energy (42.5%)


Sinopec (15.0%)

Downstream


Co-venturers: Origin Energy (42.5%),

Sinopec (15.0%)

Australia Pacic LNG (APLNG) is a joint

venture ocused on producing CBM rom the

Bowen and Surat basins in Queensland,

Australia. Natural gas is currently sold to

domestic customers, while progress

continues on the development o an LNG

processing and export sales business. Once

established, this will enhance our LNGposition and serve as an additional LNG hub

supplying Asia Pacic markets.

Two initial 4.5 MTPA LNG trains (nameplate

capacity) are anticipated, with approximately

16,000 gross wells ultimately envisioned to

supply both the LNG development and the

domestic gas market. The additional wells

will be supported by expanded gas gathering

systems, centralized gas processing and

compression stations, and water treatment

acilities, in addition to a new export pipeline

rom the gas elds to the LNG acilities.

In 2009, it was announced that the LNG

acilities would be located near Laird

Point on Curtis Island. In 2010, the

APLNG development project received

environmental approval rom the

Queensland state government.

QUEENSLAND

0 50

Miles

Surat

Basin

BowenBasin

PacicOcean

Fairview

Gladstone

Laird Point

Talinga

Peat

Kenya

Strathblane

Taloona

Spring Gully

Yellowbank

Rolleston

Australia Pacic LNG Acreage Gas Field

Existing Pipeline New Build APLNG Pipeline

AUSTRALIA PACIFIC LNG

South

End

Facing

Island

Curtis Island

PortCurtis

PacicOcean

TheNarrows

Gladstone

Laird PointSite

0 5

Miles


7/8


Asia Pacifc and Middle East Australia and Timor-Leste

Browse Basin

WA-314-P, WA-315-P and WA-398-P

Operator: ConocoPhillips (60.0% WA-315-P,

WA-398-P / 10% WA-314-P)

Co-venturer: Karoon Gas (40.0% WA-315-P,

WA-398-P / 90% WA-314-P)

The three permits are located in the Browse

Basin, oshore Western Australia,

approximately 300 miles north o Broome.

In 2006, ConocoPhillips armed into permits

WA-314-P and WA-315-P and jointly

acquired permit WA-398-P with Karoon Gas

in 2007. The Endurance 3-D seismic survey

was completed in 2008. A four-well drilling

program was conducted in 2009 and 2010.

The rst well, Poseidon-1 in WA-315-P, was

a discovery, and two subsequent wells,

Poseidon-2 and Kronos-1 in WA-398-P, also

successully encountered hydrocarbons.

A 3-D seismic survey was conducted over

the area rom 2009 to 2010, and analysis o

the survey data was completed in 2011.

A second phase o drilling in the three

permits is planned or 2012 and 2013 and is

expected to comprise ve to eight wells.

Canning Basin

EP443, EP450, EP451 and EP456

Operator: New Standard Onshore (25.0%)


During 2011, ConocoPhillips executed anagreement to earn up to 75 percent working

interest in the Goldwyer Shale Project,

located in the Canning Basin onshore

Western Australia. Drilling is expected to

commence in 2012. Upon completion o the

initial phase o the drilling program,

ConocoPhillips will have the right to assume

operatorship o the project.

Third, in November 2011, a binding Heads o

Agreement was signed with Kansai Electric

for the supply of approximately 1 MTPA of

LNG or 20 years rom mid-2016. The

agreement is subject to APLNG making a

nal investment decision on the second

LNG train.

In January 2012, marketing or the second

train was completed when binding

agreements were signed with Sinopec and

its subsidiaries, establishing commercial

terms o the supply o an additional

3.3 MTPA of LNG through 2035. In addition,

the agreements specied terms under

which Sinopec will subscribe or an

additional 10 percent equity in APLNG,

raising its interest rom 15 percent to

25 percent. The agreements are subject to

government approvals and making a nal

investment decision on the second train.

On completion, ConocoPhillips and Origin

Energys working interests will be diluted to

37.5 percent each.

Facilities

Darwin LNG Facility


Co-venturers: Santos (11.5%),INPEX (11.4%), Eni (11.0%),

Tokyo Electric/Tokyo Gas (9.2%)

The Darwin LNG acility, located at Wickham

Point, Darwin, was completed and began ull

operation in 2006, processing natural gas

rom the Bayu-Undan Field. The acility is

meeting gross contracted sales to Tokyo

Electric Power Company, Incorporated and

Tokyo Gas Co., Ltd. o approximately

3 MTPA o LNG per year. As is typical with

LNG sales contracts to the Japanese

market, contract pricing is linked to the

JCC Crude Index.


Greater Sunrise

JPDA 03-19, 03-20; NT/RL2, NT/RL4

Operator: Woodside (33.4%)

Co-venturers: ConocoPhillips (30.0%), Shell

(26.6%), Osaka Gas (10.0%)

ConocoPhillips has a 30 percent interest in

the Greater Sunrise natural gas and

condensate eld located in the Timor Sea.

Although agreement has been reached

between the governments o Australia and

Timor-Leste concerning sharing o upstream

revenues rom the anticipated development

o Greater Sunrise, key challenges must be

resolved beore signicant unding

commitments can be made. This includes

gaining both governments approvals o the

nal LNG development concept selected.

The co-venturers preer a foating LNG

development concept.

Caldita and Barossa

NT/P61 and NT/P69


Co-venturer: Santos (40.0%)

The NT/P61 and NT/P69 permits are located

oshore Northern Territory in the Timor Sea

approximately 160 miles north-northwest o

Darwin. The Caldita-1 discovery well in

NT/P61 was drilled in 2005 and theBarossa-1 discovery well in NT/P69 in 200 6.

A location over the area o the Barossa

discovery was declared in 2010.

Reprocessing o data over the Caldita

structure was carried out during 2011. This

will allow the remaining exploration potential

o the permit to be ully evaluated.


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58


Qatar

North Field

Qatargas 3

Operator: Qatargas Operating Co.

Co-venturers: Qatar Petroleum (68.5%),

ConocoPhillips (30.0%), Mitsui (1.5%)

In 2003, ConocoPhillips and Qatar

Petroleum signed a Heads o Agreement to

develop Qatargas 3, a large-scale LNG

project in Ras Laan Industrial City, Qatar.

The integrated project comprises upstream

natural gas production acilities to produce

approximately 1.4 gross BCFD o natural gas

over the 25-year lie o the project, as well


Qatargas 3 30.0% Qatargas Operating Co. 23 370 85

Total Qatar 23 370 85

Qatar Average Daily Net Production, 2011

QATAR

Doha

Abu Dhabi

UNITED ARABEMIRATES

OMAN

IRAN

KUWAIT

BAHRAIN

SAUDI

AR AB IA

2000

Miles

MIDDLE EAST

Qatargas 3 Acreage

Gulf of

Oman

Arabian/ Persian

Gulf

Qatargas 3/4

Ras Laffan

North Field

250

Miles

as an initial average o approximately

70 MBD gross o LNG and condensate

combined rom Qatars North Field.

The project also includes a 7.8 MTPA LNG

acility. The rst LNG cargo was loaded in

November 2010, and the Qatargas 3 Plant is

now ully operational. The LNG is exported

in carriers owned by Qatargas Transport Co.

(Nakilat) and time chartered to Qatargas 3.

Peak production was achieved in 2011

and is expected to continue or the lie o

the project.

In order to capture cost savings, Qatargas 3

executed the development o the onshore

and oshore assets as a single integrated

project with Qatargas 4. This included the

joint development o oshore acilities

situated in a common oshore block in the

North Field, as well as the construction o

two identical LNG process trains and

associated gas treating acilities or the

Qatargas 3 and Qatargas 4 joint ventures.

Production rom the LNG trains and

associated acilities is combined and shared.

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