Anadarko Announces Deepwater Gulf of Mexico Discovery.Business Editors HOUSTON--(BUSINESS WIRE)--Nov. 17, 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. ) -- Significantly Extends the Boundaries of K2 Field -- Production Will Be Fast Tracked Through a Tie-Back to New Marco Polo Marco Polo: see Polo, Marco. Platform Anadarko Petroleum Corporation (NYSE:APC) today announced a deepwater discovery 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 on Green Canyon Block 518 where Anadarko holds a 100 percent interest. The Green Canyon 518 No.1 well was spudded in July 2003 in about 4,000 feet of water and encountered a total of 128 feet of net oil pay in the same pay zone present at Anadarko's K2 discovery. The well was drilled to a total depth of more than 26,700 feet and is the deepest offshore well drilled in Anadarko's history. The company plans to immediately drill another well on Green Canyon Block 518 to further delineate the field. The successful deepwater subsalt exploratory well, located about 150 miles south of New Orleans and just north of K2, is expected to come on-line as early as 2005 through 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 the Marco Polo platform. Offshore installation of 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 underway with first production scheduled for March or early April 2004. "Anadarko's Green Canyon discovery is exciting because it significantly extends the boundaries of the K2 field northward," said Mark Pease, Vice President, U.S. Onshore and Offshore. "We'll be able to book 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. this year for the 518 No. 1 well, and this discovery opens up even more reserve potential on the block. This additional potential will be defined through further drilling. And, we have other prospects in the area, including Genghis Khan, another 100 percent Anadarko prospect that could be drilled early next year. "Anadarko discovered the Marco Polo field in 2000. Since then, we've entered into an innovative partnership to build a facility capable of handling production from Marco Polo and other discoveries in the region. By going back through Marco Polo, Green Canyon 518 will come on production much sooner with stronger economics than using a more traditional development strategy," Pease added. Anadarko and its partners have drilled three successful wells in the K2 field on the southern adjacent block, Green Canyon Block 562. Anadarko holds a 52.5 percent working interest in that project. Anadarko currently has access to 552 blocks in the Gulf of Mexico; 299 of those are in deepwater. 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, Qatar and Venezuela 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 that comply with the Securities and Exchange Commission's (SEC) definitions. Additionally, Anadarko may disclose estimated 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 2002 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion