ConocoPhillips Announces Production Startup and First Gas From the Jasmine Field

Wed Nov 20, 2013 9:00am EST

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ConocoPhillips Announces Production Startup and First Gas From the Jasmine Field

ConocoPhillips (NYSE: COP) today announced first gas production from the Jasmine field in the United Kingdom, Central North Sea on Nov. 19.

“The startup of Jasmine represents another important milestone for ConocoPhillips and builds upon the recent successful startup of Ekofisk South in Norway and the Christina Lake Phase E oil sands project in Canada,” said Matt Fox, executive vice president, Exploration and Production. “Jasmine is one of several major growth projects that will contribute to ConocoPhillips’ 3 to 5 percent production growth rate through 2017.”

Jasmine was discovered in 2006 by ConocoPhillips as Operator (36.5%), together with its co-venturers Eni (33%) and BG Group (30.5%), and is one of the U.K.’s largest discoveries in the last 10 years. The Jasmine facility has the gross capacity to produce 140,000 barrels of oil equivalent per day (BOED). In 2014, ConocoPhillips expects net production to be approximately 40,000 BOED.

The triple-jacket Jasmine development comprises a 24-slot wellhead platform with a bridge-linked accommodation and utilities platform, a six-mile 16-inch multi-phase pipeline bundle and a riser and processing platform bridge-linked to the existing Judy platform. The field is a high pressure, high temperature gas-condensate reservoir, which is located in Blocks 30/6 and 30/07a of the Central North Sea, approximately six miles (nine kilometers) west of the Judy platform.

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 www.conocophillips.com.

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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.

ConocoPhillips
Daren Beaudo, 281-293-2073 (media)
daren.beaudo@conocophillips.com
or
Vladimir R. dela Cruz, 212-207-1996 (investors)
v.r.delacruz@conocophillips.com

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