HOUSTON, Dec 18, 2003 /PRNewswire-FirstCall via Comtex/ -- El Paso Corporation (NYSE: EP) today announced two separate open seasons for its proposed Seafarer Pipeline System, which will transport natural gas from the Bahamas to Southern Florida. The open seasons begin today and will continue through January 19, 2004. Separate open seasons on the U.S. and Bahamas sections are being held since the pipeline system crosses the United States-Bahamas Exclusive Economic Zone (EEZ) boundary in the Atlantic Ocean. The simultaneous open seasons offer transportation capacity on a non-discriminatory basis, and potential customers must participate in these open seasons to subscribe to capacity on the proposed Seafarer Pipeline System, subject to execution of binding precedent agreements.

The Seafarer Pipeline System will transport regasified liquefied natural gas (LNG) from a proposed terminal on Grand Bahama Island to Southern Florida. From landfall at the Port of Palm Beach, the pipeline will continue westward, delivering natural gas to a proposed Florida Gas Transmission pipeline system interconnect.

The 128-mile, 26-inch diameter Seafarer Pipeline System will have a design capacity of approximately 750 million cubic feet per day and will have hourly delivery flexibility corresponding with the Florida Gas Transmission system tariff.

This project, which is expected to be in service by 2007, will help supply the fuel requirements of the rapidly growing power generation market in Florida. Based on the 2003 Ten-Year Site Plans for power generation filed by Florida's utilities, Florida's incremental installed gas-fired power generation facilities are projected to increase by nearly 13,500 megawatts by the end of 2008. This projected demand for power fueled by clean-burning natural gas will require more than two billion cubic feet per day of additional delivery capacity and natural gas supply.

For further information about the open season or to obtain open season packages, contact Richard Vaughan at (832) 676-5800 or richard.vaughan@elpaso.com .

El Paso Corporation's purpose is to provide natural gas and related energy products in a safe, efficient, dependable manner. The company owns North America's largest natural gas pipeline system and one of North America's largest independent natural gas producers. For more information, visit www.elpaso.com .

Cautionary Statement Regarding Forward-Looking Statements

This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company has made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release, including, without limitation, the ability to implement and achieve our objectives in the long-range plan; the successful implementation of the settlement related to the western energy crisis; actions by the credit rating agencies; the successful close of our financing transactions; our ability to successfully exit the energy trading business; our ability to divest of certain assets; changes in commodity prices for oil, natural gas, and power; inability to realize anticipated synergies and cost savings associated with restructurings and divestitures on a timely basis; changes in reserves estimates based upon internal and third party reserve analyses; general economic and weather conditions in geographic regions or markets served by El Paso Corporation and its affiliates, or where operations of the company and its affiliates are located; the uncertainties associated with governmental regulation; the uncertainties associated with the outcome of governmental investigations; the outcome of pending litigation including shareholder derivative and class actions; political and currency risks associated with international operations of the company and its affiliates especially due to the instability in Brazil and economic conditions in Mexico; difficulty in integration of the operations of previously acquired companies, competition, and other factors described in the company's (and its affiliates') Securities and Exchange Commission filings. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. The company assumes no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by the company, whether as a result of new information, future events, or otherwise.

SOURCE El Paso Corporation

investor and public relations, Bruce L. Connery, Vice
President, +1-713-420-5855, or fax, +1-713-420-4417, or media relations, Mel
Scott, Director, +1-713-420-3039, or fax, +1-713-420-6341, both of El Paso
Corporation

http://www.prnewswire.com