ConocoPhillips and Essent Energie B.V. to Study Feasibility Of LNG Terminal in the Netherlands

Business Wire, June 24, 2005

HOUSTON -- ConocoPhillips (NYSE:COP) and Essent Energie B.V. have signed a Memorandum of Understanding to study the feasibility of developing a liquefied natural gas (LNG) import terminal in the Netherlands.

The companies have identified a potential project site at the Port of Eemshaven and have executed a land option agreement for the 100-acre site with owner Groningen Seaports. The parties expect to complete the initial study toward the end of this year and then make a decision on proceeding into a next phase of more detailed engineering. A final investment decision could be made as early as 2007 subject to the economic outlook and the receipt of the necessary permits. If the outcome of these procedures is positive, the operation of the terminal could start in 2010.

ConocoPhillips is an integrated petroleum company with interests around the world. Headquartered in Houston, Texas, the company had approximately 36,000 employees and $97 billion of assets as of March 31, 2005. For more information, go to www.conocophillips.com.

With an annual turnover in 2004 of EUR 7.4 billion, Essent is the largest energy company in the Netherlands. Essent is a producer, marketer and transporter of electricity and gas. The company also is a large player in analogue and digital cable TV and is active as an internet provider via cable. Essent's waste division transfers waste to energy and residuals. Essent employs 12,000 employees.