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ConocoPhillips to Establish Global Water Sustainability Center in Qatar

Posted on: Monday, 9 July 2007, 12:21 CDT

ConocoPhillips [NYSE:COP] announced today that it will establish a global Water Sustainability Center that will examine ways of treating and using by-product water from oil production and refining operations, as well as other projects relating to industrial and municipal water sustainability. The center will be located in Qatar Science & Technology Park at Education City, Doha, Qatar.

When companies produce oil and gas, water often is produced along with the oil -- on average, worldwide, roughly three barrels of water for every barrel of oil, estimates ConocoPhillips. Impurities usually make the by-product water unusable without costly treatment.

ConocoPhillips aims to develop more efficient and cost-effective treatment technologies at its Qatar Water Sustainability Center. Proposed uses for treated water could include crop irrigation, livestock watering, wildlife habitats, and industrial cooling, potentially leaving more fresh-water available for domestic use.

ConocoPhillips plans to invest $25 million in the center over its first 5--7 years. The center will conduct research on and develop and test technologies relating to water production and management. The center will be designated as ConocoPhillips' worldwide center for water technologies, disseminating findings to the company's global operations as well as to local government and industry partners.

"ConocoPhillips has a strong, longstanding relationship with Qatar, and we have been looking to expand that relationship in ways that benefit both our own operations and the Qatari community," said J. Mike Stice, president, ConocoPhillips Qatar. "The Water Sustainability Center is a landmark facility. We are confident that it will develop valuable innovations and will make a genuine contribution to Qatar's future and water treatment science."

"Becoming a knowledge-based economy means applying human ingenuity and technology to solve industrial challenges," said Dr. Eulian Roberts, managing director of Qatar Science & Technology Park. "This is at the core of the Water Sustainability Center, and we welcome ConocoPhillips as a valuable member of the knowledge environment at Qatar Science & Technology Park."

ConocoPhillips is a major participant in Qatar's oil and gas industry as the key foreign partner in the Qatargas 3 project, which is expected to produce 7.8 million tons of liquefied natural gas annually beginning in 2009.

ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.

Qatar Science & Technology Park fosters the development and commercialization of technology in Qatar, a rising star in the Arabian Gulf with the world's third largest gas reserves and a vision for human development. As part of the renowned Qatar Foundation, founded by the country's Emir, the science park is co-located with campuses of Carnegie Mellon, Texas A&M University, Weill Cornell and other premier universities. It provides research-friendly premises for companies from around the world, plus an incubator and investment for technology start-ups. For more information, go to www.qstp.org.qa.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or 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. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). Unless legally required, ConocoPhillips undertakes no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Source: Business Wire

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