There are also rumours that U.S. oil giant, ChevronTexaco Corp, might also attempt to break up Conoco's merger with Phillips. It seems Conoco shareholders, who are due to vote on the Phillips merger in the next few months, are said to be increasingly concerned that Phillips would benefit more from the Conoco deal.

Last year, Phillips launched its bid for Conoco to create the world's sixth largest oil company. Phillips' shareholders will hold 56.6 percent of the new company to be called ConocoPhillips. The deal was described by company officials as a "merger of equals", however according to many in the industry, Phillips got the better end of the deal with chief executive, Mr James Mulva, ending up CEO and president of the combined group.

Many oil industry watchers said the merger was a blow for TotalFinaElf, who had been eyeing Conoco as a potential merger for some time.