Anadarko's Gulf of Mexico Tarantula Discovery Moves Forward; Pardner Production to Begin in June; Marco Polo on Schedule for 2004 Production.Energy Editors/Business Editors NOTE TO MEDIA: Multimedia assets available A photo is available at URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com/cgi-bin/photo.cgi?pw.022003/bb2 HOUSTON--(BUSINESS WIRE)--Feb. 20, 2003 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. ) has authorized the construction of an $86 million production platform for its Tarantula tarantula (tərăn`chələ), name applied chiefly to several species of the large, hairy spiders of the families Theraphosidae and Dipluridae of North and South America. The body of a tarantula may be as much as 3 in. (7. discovery on South Timbalier Block 308 in 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 . The fixed four-leg platform will have a capacity of 100 million cubic feet per day (MMcf/d) of natural gas and 30,000 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. (b/d) of oil. Anadarko expects first production to begin in the fourth quarter of 2004. "The Tarantula discovery is in relatively shallow water and very economical to develop. It's the kind of bread-and-butter project we like for a balanced portfolio of properties," said John Seitz, Anadarko President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . The Tarantula sub-salt discovery well was drilled in July 2001 in 480 feet of water to a depth of about 18,000 feet. Since then, three successful offset wells have been drilled. The four wells have encountered -- on average -- 117 feet of net pay. Anadarko holds a 100 percent working interest in the field. Pardner pard·ner n. Regional A partner, companion, or friend. [Variant of partner.] Noun 1. The Pardner discovery well (Mississippi Canyon Blocks 400 and 401) was drilled in December 2001 in about 1,100 feet of water to a depth of 8,200 feet. Construction is nearing completion on a sub-sea tieback tie·back n. 1. A decorative loop of fabric, cord, or metal for parting and draping a curtain to the side. 2. tiebacks A pair of curtains intended to be tied back. Noun 1. to a facility located on West Delta Block 152, operated by another company. A sub-sea tree has been installed, and production is expected to come online in June 2003 at a rate of about 3,000 b/d of oil. Anadarko holds a 100 percent working interest in the Pardner field. Marco Polo "Marco Polo continues to get better and more economic as we proceed with its development," Seitz said. Six successful delineation wells have been drilled on Anadarko's Marco Polo field, located on Green Canyon Block 608 in 4,300 feet of water. The majority of the wells have encountered better-than-expected reservoir thickness, with average net pay of 292 feet. The Marco Polo tension-leg platform (TLP TLP Tension Leg Platform TLP Thread-Level Parallelism TLP Transactional License Program (Adobe software license program) TLP Transitional Living Program TLP The Learning Partnership TLP Transmission Level Point TLP Tanzania Labor Party ) is under construction and on schedule for installation in late 2003. The topsides structural fabrication is being performed by Kiewit Offshore Services in Ingleside, Texas, and is approximately 45 percent complete. The TLP hull is being constructed by Modec International in South Korea and is approximately 75 percent complete. First production is expected to begin on schedule in the first quarter of 2004. Anadarko holds a 100 percent working interest in the Marco Polo field. The TLP will be owned by El Paso Energy Partners and Cal Dive International, and operated by Anadarko. It is being designed to process 120,000 b/d of oil and 300 MMcf/d of natural gas. Anadarko will have firm capacity of 50,000 b/d and 150 MMcf/d. The remainder of the platform capacity will be available to Anadarko for additional production and/or to third parties that have activity in the area. Anadarko's K2 discovery, located on nearby Green Canyon Block 562, is currently being considered for sub-sea tieback to Marco Polo, which could mean first production from K2 in early 2005. Anadarko currently owns an interest in 372 blocks in the Gulf of Mexico, with an option to earn working interests in an additional 131 blocks. The company's current offshore production is about 11,500 b/d of oil (net) and 181 MMcf/d of natural gas (net). Anadarko Petroleum Corporation is one of the world's largest independent oil and gas exploration and production companies. Houston-based Anadarko is active in the U.S., Canada, Algeria and Qatar and is executing strategic exploration programs in several other countries. More information 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. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this release. While Anadarko makes these forward-looking statements in good faith, neither Anadarko nor its management can guarantee that the anticipated future results will be achieved. Anadarko discloses proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. that comply with the Securities and Exchange Commission's (SEC) definitions. Additionally, Anadarko may disclose estimated recoverable reserves, which the SEC guidelines do not allow us to include in filings with the SEC. 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 included in the company's 2001 Annual Report on Form 10-K. 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