Anadarko Announces Gulf of Mexico Deepwater Subsalt Appraisal At K2 Prospect.Business/Energy/Photo Editors NOTE TO MEDIA: Multimedia assets available HOUSTON--(BUSINESS WIRE)--Sept. 3, 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 its partners today announced a 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 deepwater subsalt discovery appraisal well at K2 on Green Canyon Block 562, about 180 miles south of New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded . The K2 No. 2 well was spudded by Agip Petroleum Company in April 2002 in about 3,900 feet of water. It encountered a total of 339 feet of oil pay in three sands in an untested fault block and reached target depth of 25,700 feet. The well results from this discovery extend the limit of proven oil both laterally and downdip on the K2 structure. The partner companies are planning additional appraisal drilling on the K2 field for 2003. They are evaluating development plans for K2 and considering options - including a separate structure or a tie-back to the Marco Polo Marco Polo: see Polo, Marco. hub. Initial results from the well indicate that commercial development is likely with first production as early as 2004. Previously, in May 1999, a No. 1 well and sidetrack had been drilled on the same block, about 4,000 feet away. The well encountered only one zone with about 60 feet of net pay. The latest discovery, the No. 2 well, has found 134 feet in the same interval, plus two new zones, which total 339 feet of pay. "Anadarko's strategy to chase the subsalt play in deepwater was the right move for stockholders," said John Seitz, Anadarko president and chief executive officer. "Our first deepwater discovery at Marco Polo is being developed, and we have several other deepwater prospects that will be drilled as we evaluate our deepwater subsalt exploration inventory." The K2 discovery is within 6 miles of the Marco Polo field - a discovery located at Green Canyon Block 608, which was announced by Anadarko in 2000. Anadarko holds a 52.5 percent working interest in the project; other partners include AGIP (operator - 18.2 percent), Conoco (16.8 percent) and Unocal (12.5 percent). Marco Polo The Marco Polo platform is under construction and scheduled to be installed in the third quarter of 2003, with first production targeted for the first quarter of 2004. Four development wells have been drilled in 2002 with better-than-anticipated results. When completed, Marco Polo will be the deepest tension-leg platform A Tension-leg platform is a vertically moored floating structure normally used for the offshore production of oil or gas, and is particularly suited for water depths greater than 300 metres (about 1000 ft). in the world. Through a project agreement, El Paso El Paso (ĕl pă`sō), city (1990 pop. 515,342), seat of El Paso co., extreme W Tex., on the Rio Grande opposite Juárez, Mex.; inc. 1873. Energy Partners and Cal Dive International will construct and own the platform structure, and Anadarko will be the operator. Production capacity will be 100,000 barrels of oil per day (Bbl/d) and 250 million cubic feet of gas per day (MMcf/d). Under the agreement, Anadarko will have firm capacity of 50,000 Bbl/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 currently owns an interest in about 375 blocks in the Gulf of Mexico, of which about 180 are in deepwater. For the second quarter of 2002, net production from Anadarko's Gulf of Mexico operations averaged 17,300 Bbl/d of oil and 257 MMcf/d of natural gas. Anadarko Petroleum Corporation is one of the world's largest independent oil and gas exploration and production companies, with assets of $17 billion and reserves of 2.3 billion barrels of oil equivalent. 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. 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 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. . Note: A map 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.090302/bb2 |
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