Anadarko, Sonatrach and Partners Mark Production Start-Up in Algeria.Business/Energy Editors HASSI BERKINE, Algeria--(BUSINESS WIRE)--April 8, 2002 Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE NYSE See: New York Stock Exchange :APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) and Sonatrach, the Algerian national oil company, today announced the start-up of the fourth oil production train at the Hassi Berkine central processing facility (CPF (Control Program Facility) The IBM System/38 operating system that included an integrated relational DBMS. ) in Algeria. With the start-up of this train - which is capable of processing 75,000 barrels of oil per day from five satellite fields in Block 404 - gross oil production capacity through the four-train CPF will increase to 285,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. . "Algeria represents Anadarko's most significant international project to date and has become a substantial contributor to company-wide production and operating income," said John Seitz, Anadarko president and chief executive officer. "With its near-term production growth and future exploration opportunities, Algeria has the potential to significantly enhance Anadarko's reserve base and to build long-term shareholder value. "Today's announcement is another milestone in a successful partnership with Sonatrach, Lasmo and Maersk which, over the last four years, has celebrated production from all four trains ahead of schedule. In the challenging and remote environment of the Algerian Sahara, early production is a major achievement and is a result of the dedicated commitment of all those involved in the project," Seitz said. In addition to Sonatrach, Anadarko's partners in the project are Lasmo Oil (Algeria) Limited, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Italy's Eni, and Maersk Olie Algeriet AS, a wholly owned subsidiary of Maersk Olie og Gas AS of Denmark, each holding a 25 percent interest. Production through the fourth train from the Block 404 satellite fields - RBK RBK Reebok International Ltd. (stock symbol) RBK Rosenborg Ballklub (Football Team In Norway) RBK Russell Brennan Keane (chartered accountants) , QBN QBN Qualatex Balloon Network , HBNSE, BKNE and BKE - marks completion of the full development plan at the Hassi Berkine CPF, which was designed and built by Brown & Root Condor. The facility was developed in stages to allow the flexibility of four trains to be brought on-stream at different times: Production from the first train began in May 1998, the second in August 2001 and the third in December 2001. Anadarko has been operating in Algeria since 1990 and made its first discovery in 1993. The Hassi Berkine area is located in Block 404 of the Berkine Basin and includes the Hassi Berkine South, Hassi Berkine and Satellite fields. Anadarko Algeria Company LLC is a wholly owned subsidiary of Houston-based Anadarko Petroleum Corporation. Anadarko is one of the largest independent exploration and production companies in the world. The company reported average daily production of 546,000 barrels of oil equivalent in 2001. U.S. operations are in Texas, Louisiana, the Mid-Continent and Western states regions, Alaska and the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Internationally, it is producing in Canada, Algeria and Qatar and exploring in several other countries. More information about the company, including recent investor presentations, is available at www.anadarko.com This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that its goals will be achieved. See Additional Factors Affecting Business in the Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial (MD&A) included in the company's 2001 Annual Report on Form 10-K. |
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