Exploration and Production

Asia Pacific
CHina
area

China Average Daily Net Production, 2010

interest operator Crude oil and nGL mBD Gas mmCfD total mBoeD

Peng Lai Xijiang1 Panyu total China

1

49.0% 12.3%-24.5% 24.5%

ConocoPhillips ConocoPhillips CNOOC

56 1 11 68

56 1 11 68

Under the terms of the contracts, ConocoPhillips ownership rights in the 24-3 and 24-1 fields ended in January 2010, and rights in the 30-2 Field ended in November 2010.

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

CHINA
Bohai Bay

Ye l l ow S e a

Block 11/05 Operator: ConocoPhillips (49.0%) Co-venturer: CNOOC (51.0%) Located in the 0.8-million-acre Block 11/05 in Chinas Bohai Bay, the Peng Lai 19-3 discovery was drilled in 1999, followed by six successful appraisal wells. Phase I development of the Peng Lai 19-3 Field began in 2002. Peng Lai Phase II development included the installation of five additional drilling and production platforms and the construction of an FPSO vessel. All platforms have been installed, and the new FPSO vessel started operation in May 2009 and is used to accommodate production from Peng Lai 19-3 Field, as well as nearby Peng Lai 19-9 and Peng Lai 25-6 fields. Net production from the Peng Lai Area is expected to increase due to continued development, with an average 60 MBD of crude oil anticipated in 2011. In 2010, daily net crude oil production averaged approximately 56 MBD.
Chengdu

Beijing

Bozhong Block 11/05 PL 19-9 PL 25-6 PL 19-3

0 Miles 50

CHINA Shanghai

Paci c Ocean
Hong Kong

South China Sea

South China Sea
Block 15/34
0 Miles 500

ConocoPhillips Acreage Oil Field

0 Miles

Panyu 4-2
10

Panyu 5-1 Panyu 11-6

SoutH CHina Sea

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

Block 15/34 Operator: CNOOC (75.5%) Co-venturer: ConocoPhillips (24.5%) ConocoPhillips holds a 24.5 percent working interest in Block 15/34 in the South China Sea. This block contains three oil fields, Panyu 4-2, Panyu 5-1 and Panyu 11-6, operated by CNOOC, which produced 11 MBD net crude oil in 2010. In November 2010, a major expansion project was approved by the co-venturers, that will add two additional drilling and production platforms. Construction is under way.

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Exploration and Production

Vietnam
Vietnam Average Daily Net Production, 2010
area interest operator Crude oil and nGL mBD Gas mmCfD total mBoeD

Su Tu Den and Su Tu Vang Rang Dong total Vietnam

23.3% 36.0%

Cuu Long Joint Operating Co. Japan Vietnam Petroleum Co.

18 6 24

4 12 16

19 8 27

Cuu LonG BaSin

Su Tu Den, Su Tu Vang, Su Tu Den Northeast, Su Tu Trang, Su Tu Nau

faCiLitieS
Nam Con Son Pipeline

Block 15-1 Operator: Cuu Long Joint Operating Co. Co-venturers: PetroVietnam (50.0%), ConocoPhillips (23.3%), KNOC (14.2%), SK Corp. (9.0%), Geopetrol (3.5%) Block 15-1 is located in the Cuu Long Basin. Production from its Su Tu Den Field began in late 2003. Su Tu Den crude oil is processed and stored in the 1-million-barrel Cuu Long Thai Binh FPSO vessel. Production from the Su Tu Vang Field began in 2008. First production on the Su Tu Den Northeast Field occurred in May 2010, averaging net 4 MBD of oil.
Rang Dong

Operator: PetroVietnam (51.0%) Co-venturers: BP (32.7%), ConocoPhillips (16.3%) The Nam Con Son Pipeline is a 700-MMCFD, 244-mile transportation system linking natural gas supplies from the Nam Con Son Basin to markets in southern Vietnam. The infrastructure consists of a 26-inch diameter, 227-mile offshore pipeline segment delivering wet gas to the gas plant located at Dinh Co, Ba Ria-Vung Tau province. The gas is conditioned to meet sales specifications and is redelivered via a 30-inch-diameter, 17-mile onshore pipeline segment to the Phu My gas distribution center.
VIETNAM

Block 15-2 Operator: Japan Vietnam Petroleum Co. (46.5%) Co-venturers: ConocoPhillips (36.0%), PetroVietnam (17.5%) The Rang Dong Field is located in Block 15-2 in the Cuu Long Basin. Rang Dong crude oil is stored in the MV-17 FSO, where it is offloaded to tankers for export.

Ho Chi Minh City

15-1

Su Tu Nau Su Tu Den/ Su Tu Den NE Su Tu Vang Su Tu Trang Rang Dong

15-2

Na m Co n So n

Bach Ho

S outh China Sea

Moc Tinh

Pi pe

0 Miles

100

Rong Doi

lin e

Hai Thach

Lan Tay
Gas Field Pipeline

ConocoPhillips Acreage

Oil Field

eXPLoration anD BuSineSS DeVeLoPment

License interest operator recent activity

Block 15-1

23.3%

Cuu Long Joint Operating Co.

Continued work on appraisal and development studies for the Su Tu Trang and Su Tu Nau discoveries.

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Exploration and Production

inDoneSia
ConocoPhillips has had a presence in Indonesia for more than 40 years, operating seven production-sharing contracts (PSCs) comprising 19,348 square miles. Four of the blocks are located offshore the South Natuna Sea Block B PSC, the Amborip VI PSC, the Kuma PSC and the Arafura 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 Average Daily Net Production, 2010

area interest operator Crude oil and nGL mBD Gas mmCfD total mBoeD

South Natuna Sea Block B Corridor Block South Jambi B total indonesia

40.0% 54.0% 45.0%

ConocoPhillips ConocoPhillips ConocoPhillips

15 2 17

116 346 1 463

34 60 94

INDONESIA
VIETNAM THAILAND

South Natuna Sea Block B PSC

MALAYSIA

South China S ea
BRUNEI

PHILIPPINES

Paci c Ocean

MALAYSIA SINGAPORE SUMATRA KALIMANTAN

Kuma PSC
SULAWESI PAPUA

South Jambi B PSC Corridor Block PSC Jakarta Amborip VI PSC

Warim PSC

In
0 Miles 500

dia

JAVA

nO cea n
ConocoPhillips Pipeline Interest

Arafura Sea PSC

ConocoPhillips Acreage

natuna Sea
South Natuna Sea Block B PSC

Operator: ConocoPhillips (40.0%) Co-venturers: INPEX (35.0%), Chevron (25.0%) The PSC was awarded in 1968, and first production came on line in 1979. The term of the PSC was extended in 1998 and is currently scheduled to expire in 2028. The block is located in approximately 300 feet of water and has two producing oil fields, as well as 16 gas fields in various phases of development. Seven of the gas fields also have recoverable oil or condensate volumes.

In November 2009, the North Belut Field began production. These fields are part of the continuing development of the block to support existing gas sales commitments, as well as new LPG sales to the local Indonesian market. Natural gas from the PSC is sold through two long-term gas sales contracts. The PSC is part of the West Natuna Gas Supply Group, a group of three PSCs that supply gas to Sembgas in Singapore. The PSC also supplies gas to Petronas in Malaysia under a separate contract.

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Exploration and Production

Sumatra
Corridor Block PSC

Operator: ConocoPhillips (54.0%) Co-venturers: Talisman (36.0%), PT. Pertamina (10.0%) The Corridor Block PSC is located in South Sumatra and covers a contract area of 911 square miles. The PSC was awarded in 1983 and is scheduled to expire in 2023 under the current extension. The block consists of six oil fields and six natural gas fields. The principal oil-producing fields are Puyuh, Supat and Rawa, and the principal gas fields are Suban, Sumpal, Dayung and Gelam. Natural gas from the PSC is sold through long-term sales contracts to the domestic and Singapore markets. In May 2010, ConocoPhillips and PT Chevron Pacific Indonesia (CPI) signed gas sales agreements to convert the existing gas-for-oil exchange

agreements into gas sale and purchase agreements and agreed to deliver up to 514 trillion BTUs of additional gas from the Corridor Block PSC fields to CPIs Duri Steamflood. Delivery of the new volumes is anticipated to begin in 2013.
South Jambi B PSC

Operator: ConocoPhillips (45.0%) Co-venturers: PetroChina (30.0%), PT. Pertamina (25.0%) The South Jambi B PSC is located in South Sumatra and covers a contract area of 594 square miles. The PSC was awarded in 1990 and will expire in 2020. There are three gas fields, with the Teluk Rendah Field currently in production. Production from these fields began in 2004 to supply gas to Gas Supply Pte. Ltd. in Singapore. The remaining discoveries are being evaluated for development.

eXPLoration anD BuSineSS DeVeLoPment

License interest operator recent activity

Warim PSC

80.0%

ConocoPhillips

The Warim PSC was signed in 1987. This onshore exploration block is in an area of Papua that covers 5,888 square miles. Work continues to determine the prospectivity of the block. The Kuma PSC was signed in 2007. This block is in a deepwater, frontier exploration area of the East Makassar Straits and covers 1,374 square miles. A 3-D seismic survey was acquired in late 2008, and an exploration well was spud in May 2011.

Kuma PSC

60.0%

ConocoPhillips

BanGLaDeSH
eXPLoration anD BuSineSS DeVeLoPment
ConocoPhillips has concluded negotiations with Petrobangla to assume operatorship of two blocks in the unexplored deepwater region of the Bay of Bengal, offshore Bangladesh. Blocks 10 and 11 comprise approximately 1.3 million acres with water depths ranging from 3,300 feet to 5,000 feet. Government approval of the PSC terms was received in June 2011. ConocoPhillips will hold a 100 percent interest in both blocks and expects to commence seismic acquisition activities in early 2012.
BANGLADESH
CHINA

NEPAL

BH U TA N

BANGLADESH INDIA Dhaka Chittagong MYANMAR

DS-08-10

DS-08-11

Bay of Bengal

0 Miles

200

ConocoPhillips Acreage

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Exploration and Production

maLaYSia
eXPLoration anD BuSineSS DeVeLoPment
ConocoPhillips upstream involvement in Malaysia began in 2000 and presently consists of interests in three deepwater blocks off the eastern Malaysian state of Sabah: Block G, Block J and the Kebabangan (KBB) Cluster. These three blocks include eight discovered fields in various stages, ranging from appraisal to development execution.

KebabaNgaN (Kbb) CLuster

Kebabangan, Kamunsu east and Kamunsu east upthrown Canyon

BLoCK G
Malikai, Petai, Ubah and Pisagan

Operator: Shell (35.0%) Co-venturers: ConocoPhillips (35.0%), PETRONAS Carigali (30.0%) The Malikai-1 and the Ubah-2 exploration wells were drilled in Block G in 2004 and 2005 resulting in oil discoveries. Additional oil discoveries were made on the block with the Pisagan-1A well in 2005 and the Petai-1 well in 2007. The Malikai discovery was appraised in 2005 and 2006, and development planning and front-end engineering are under way. Successful appraisal wells were completed on Ubah in 2008 and 2010 and Petai in 2008. Unitization of Petai and the Siakap North Field in Block K was completed in 2011, with ConocoPhillips holding a 21 percent initial interest in the unit. Front-end engineering for Siakap NorthPetai is currently under way.

Operator: Kebabangan Petroleum Operating Company Co-venturers: PETRONAS Carigali (40.0%), ConocoPhillips (30.0%), Shell (30.0%) The Kebabangan Cluster PSC was signed in 2007 for appraisal and development of the Kebabangan, Kamunsu East and Kamunsu East Upthrown Canyon gas and condensate fields. A jointoperating company, Kebabangan Petroleum Operating Company, has been established to serve as operator. Development of the Kebabangan Field was sanctioned in early 2011, and first production is targeted for late 2014. Appraisal of the Kamunsu East Field is planned for 2012.
MALAYSIA

South China Sea

Ubah
G G

KBB Cluster

Petai
G

Kebabangan Malikai Pisagan L imbayong Gumusut

J

BLoCK J
Gumusut

B R U NE I
0 Miles 100

Operator: Shell (33.0%) Co-venturers: ConocoPhillips (33.0%), PETRONAS Carigali (20.0%), Murphy (14.0%) The Gumusut-1 well was drilled in 2003 and resulted in an oil discovery. The field was successfully appraised in 2004 and 2005 and field development has commenced with first production expected in 2013.
Limbayong

M A L AY S I A

ConocoPhillips Acreage

Oil Field

Gas Field

Operator: Shell (40.0%) Co-venturers: ConocoPhillips (40.0%), PETRONAS Carigali (20.0%) Appraisal of the Limbayong gas field is planned for late 2012.

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Exploration and Production

auStraLia anD timor-LeSte

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 facility, located at Wickham Point, Darwin. ConocoPhillips also has a joint venture with Origin Energy to produce LNG from coalbed methane (CBM) basins in Queensland, Australia. Additional operations are located offshore Western Australia and offshore and onshore Australias Northern Territory.

australia and timor-Leste Average Daily Net Production, 2010

area interest operator Crude oil and nGL mBD Gas mmCfD total mBoeD

Bayu-Undan Athena/Perseus Australia Pacific LNG total australia and timor-Leste

56.9%1 50.0% 50.0%

2

ConocoPhillips ExxonMobil Origin Energy

31 31

198 35 115 348

64 6 19 89

1 In April 2011, a Redetermination Sale and Purchase Adjustment resulted in a decrease in ConocoPhillips ownership interest in Bayu-Undan from 57.2 percent to 56.9 percent. 2 In April 2011, Australia Pacific LNG signed definitive agreements specifying terms under which Sinopec will subscribe for a 15 percent equity interest in Australia Pacific LNG, with both

ConocoPhillips and Origin Energys ownership interest diluting to 42.5 percent. The transaction is subject to satisfaction of certain conditions to closing, currently expected to occur in the third quarter of 2011.

Bayu-Undan

Athena/Perseus

Operator: ConocoPhillips (56.9%) Co-venturers: Santos (11.5%), INPEX(11.4%), Eni (11.0%), Tokyo Electric and Tokyo Gas (aggregate 9.2%) The Bayu-Undan gas condensate field, located within the Timor Sea JPDA, was discovered in 1995. Production commenced in 2004. Produced natural gas is used to supply the Darwin LNG facility.

Operator: ExxonMobil (50.0%) Co-venturer: ConocoPhillips (50.0%) The Athena production licence (WA-17-L) is located offshore Western Australia and contains part of the Perseus Field that straddles the boundary with WA-1-L, an adjoining license area. Natural gas has been produced from these licences since 2001.

AUSTRALIA AND TIMOR-LESTE

Greater Sunrise Australia Paci c LNG AUSTRALIA

BayuUndan Athena

Dili
TIMOR-LESTE INDONESIA

Greater Sunrise

Suai
NT/P69

Barossa Caldita

JPDA

NT/P61

Bayu-Undan

WA-314-P

Timor Sea

Darwin LNG Facility

WA-315-P

Poseidon
WA-398-P
WESTERN AUSTRALIA

NORTHERN TERRITORY

0 Miles

100

Browse Basin

AUSTRALIA

ConocoPhillips Acreage

Gas Field

Jurisdictional Boundary

Pipeline

Well

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Exploration and Production

Australia Pacific LNG

AUSTRALIA PACIFIC LNG

Curtis Island

Upstream

Operator: Origin Energy (50.0%) Co-venturer: ConocoPhillips (50.0%) Downstream Operator: ConocoPhillips (50.0%) Co-venturer: Origin Energy (50.0%) Australia Pacific LNG is a joint venture focused on producing CBM from the Bowen and Surat basins in Queensland, Australia. Gas is currently sold to domestic customers, while progress continues on the development of an LNG processing and export sales business. Once established, this will enhance our LNG position and serve as an additional LNG hub supplying Asia Pacific markets. Two initial 4.5 MTPA LNG trains (nameplate capacity) are anticipated, with more than 10,000 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 facilities, in addition to a new export pipeline from the gas fields to the LNG facilities. In 2009, it was announced that the LNG facilities would be located near Laird Point on Curtis Island. In Novermber 2010, the Australia Pacific LNG development project received environmental approval from Australias Queensland state. During 2011, two significant milestones have been achieved. Environmental approval from the Australian federal government was obtained, and definitive agreements were signed with China Petrochemical Corporation (Sinopec) for the supply of up to 4.3 MTPA of LNG for 20 years. The agreements also specify terms under which Sinopec will subscribe for a 15 percent equity interest in Australia Pacific LNG, with both ConocoPhillips and Origin Energys ownership interest diluting to 42.5 percent. The transaction is subject to satisfaction of certain conditions to closing, currently expected to occur in the third quarter of 2011. Initial LNG production is anticipated in 2015.

0 Miles

Laird Point Site

South End

Paci c Ocean

The Narrows

Quian Island

Facing Island

Gladstone

Port Curtis

Laird Point Rolleston

Bowen Basin

Paci c Ocean

Gladstone

Fairview Strathblane

QUEENSLAND

Yellowbank Spring Gully

Taloona

Peat Talinga Kenya

Surat Basin
0 Miles 50

faCiLitieS
Darwin LNG Facility

Australia Paci c LNG Acreage

Gas Field

Pipeline

Operator: ConocoPhillips (56.9%) Co-venturers: Santos (11.5%), INPEX(11.4%), Eni (11.0%), Tokyo Electric and Tokyo Gas (aggregate 9.2%) The Darwin LNG facility, located at Wickham Point, Darwin, was completed and began full operation in 2006, processing natural gas from the Bayu-Undan Field. The facility is expected to meet gross contracted sales with Tokyo Electric Power Company, Incorporated and Tokyo Gas Co., Ltd. of approximately 3 MTPA of LNG per year. As is typical with LNG sales contracts to the Japanese market, contract pricing is linked to the JCC Crude Index.

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Exploration and Production

eXPLoration anD BuSineSS DeVeLoPment

Greater Sunrise Browse Basin

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 gas and condensate field located in the Timor Sea. Although agreement has been reached between the governments of Australia and Timor-Leste concerning sharing of revenues from the anticipated development of Greater Sunrise, key challenges must be resolved before significant funding commitments can be made. These include gaining both governments approvals of the floating LNG development concept selected by the co-venturers and establishing fiscal stability arrangements.
Caldita and Barossa

WA-314-P 1, WA-315-P and WA-398-P Operator: ConocoPhillips (60.0%) Co-venturer: Karoon Gas (40.0%) Three permits are located in the Browse Basin, offshore Western Australia, approximately 300 miles north of Broome. In 2006, ConocoPhillips farmed 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 first well, Poseidon-1 in WA-315-P, was a discovery, and two subsequent wells, Poseidon-2 and Kronos-1 in WA-398-P, also successfully encountered hydrocarbons. A 3-D seismic survey was conducted over the area from October 2009 to March 2010, and analysis of the survey data is in progress. A second phase of drilling in the Browse Basin is planned for 2011 and 2012.
1ConocoPhillips

NT/P61 and NT/P69 Operator: ConocoPhillips (60.0%) Co-venturer: Santos (40.0%) The NT/P61 and NT/P69 permits are located offshore Northern Territory in the Timor Sea approximately 160 miles northnorthwest of Darwin. The Caldita-1 discovery well in NT/P61 was drilled in 2005 and the Barossa-1 discovery well in NT/P69 in 2006. A location over the area of the Barossa discovery was declared in October 2010. Reprocessing of data over the Caldita structure is scheduled for 2011.

has agreed to transfer 50 percent equity in WA-314-P to Karoon Gas, with the revised equities being ConocoPhillips 10 percent and Karoon Gas 90 percent. The parties are currently finalizing documentation to effect this transfer.

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