Conoco Venezuela C.A., a unit of ConocoPhillips, and its partners have received approval for Phase I of the development plan for the Corocoro field in Venezuela's Gulf of Paria West area. The approval was granted by the Control Committee, comprised of representatives of the Ministry of Energy and Mines, Petróleos de Venezuela, S.A. (PDVSA) and the partners. The total investment for the Corocoro Phase I development is estimated at $480 million over the next three years. The development is expected to achieve average annual oil production of 55,000 gross barrels per day, with a gravity of 24.5 degrees API, approximately two and a half years after development begins. Additional phases will be considered based on the success of Phase 1.