What does CV3 stand for?

Core Venture Investors * Core Venture 1 (South Ghawar), $10bn-15bn: ExxonMobil 35% Shell 25% BP 25% Philips Petroleum 15% * Core Venture 2 (Red Sea Area), $5bn-7bn: ExxonMobil 60% Marathon Oil Company 20% Occidental Petroleum Corp 20% * Core Venture 3 (Shaybah), $5bn-7bn: Shell 40% Conoco 30% TotalFinaElf 30% Sources: Energy Information Administration

SAUDI GAS INITIATIVE - PETROCHEMICAL ELEMENTS Venture Ownership Products Location/Date Core Venture 1 ExxonMobil 35% Ethylene & Derivatives Jubail 2006 Shell 25% BP 25% Phillips 15% Core Venture 1 Same Ethylene & Derivatives Yanbu 2006 Core Venture 2 ExxonMobil 60% Ethylene & Derivatives Yanbu 2006 Occidental 20% Marathon 20% Core Venture 3 Shell 40% Ethylene & Derivatives Jubail 2006 TotalFinaElf 30% Conoco 30% Preliminary Agreements were recently signed by the Saudi Government with three consortia of international oil companies for development of the Kingdom's natural gas resources.

More recently, we completed a major natural gas processing plant in Syria and we were selected as a partner, along with Shell and TotalFinaElf, in Core Venture 3 -- a multi-billion-dollar natural gas initiative in Saudi Arabia," Dunham said.