The Government of Dubai and Dubai Petroleum
Company (DPC) announced a joint agreement that will change the operating arrangements for Dubai offshore oilfields. Effective April 2007, DPC will end its role as operator, marking the end of Dubai's first offshore oil concession and the beginning of a new phase in which the Emirate of Dubai will directly control its offshore oil resources. DPC is wholly owned by ConocoPhillips (COP)
and part of the DPC/Dubai Marine Areas Limited (DUMA) consortium involving interests from Total (France), Repsol YPF (Spain), RWE Dea AG, a subsidiary of RWE AG (RWEOY)
(Germany) and Wintershall AG, a subsidiary of BASF (Germany). Dubai oil will continue to be freely traded in the international oil market under contracts established by the Government and Dubai Petroleum Establishment (DPE), a new entity wholly owned by the Government of Dubai. Effective April 2, 2007, DPE will be responsible for operating the oilfields and for all future business related to the production of oil and gas in Dubai.