Offshore staff

(Houston) -- A memorandum of understanding was signed between ConocoPhillips and International Petroleum Investment Co. of Aub Dhabi to identify joint investment opportunities both upstream and downstream.

"We are excited about this collaboration and the opportunities it could provide," says Paul Warwick, president of ConocoPhillips for Middle East and Africa. "These agreements enable ConocoPhillips and IPIC to examine ways to jointly expand our respective global refining businesses in fast-growing markets as well as jointly develop new upstream business opportunities."

"IPIC's core strategy is to broaden its portfolio by leveraging its downstream investments to diversify into the upstream. These agreements allow us the opportunity to work with and benefit from ConocoPhillips' world class technical capabilities," says Khadem Al Qubaisi head of IPIC's Investment Division.

"We also see possibilities to grow regionally in the upstream business in both gas and oil developments and ConocoPhillips is an ideal company with which to pursue opportunities."

7/19/06