Anadarko Apparent Winner On 26 Tracts in Eastern Gulf of Mexico Lease Sale.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Dec. 5, 2001 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. ) announced today that it was the apparent high bidder on 26 tracts in the Eastern 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 Lease Sale 181. The company submitted winning bids representing a total investment of about $136 million. The 26 tracts cover nearly 150,000 acres in water depths ranging from 7,000 to 9,500 feet. Robert J. Allison, Jr., Anadarko chairman and chief executive officer, commended the Minerals Management Service for their dedicated effort to move forward with the Eastern Gulf of Mexico sale. "These tracts have not been available for exploration since 1988, well before major advancements in deep water exploration and production technology. The opportunity to explore this acreage, and the significant resources that lie beneath, is a positive move for this Administration and for energy consumers," he said. "It's as if we've been peering over the fence for the last 13 years, with great opportunities just out of reach. Finally, the fences are coming down," Allison said. "In addition to providing vital energy resources for the nation, exploration and production operations are conducted with the utmost care so that marine and coastal environments are protected. "We have gathered and interpreted an extensive amount of information about these blocks, and we're convinced they hold substantial oil and gas reserves with relatively low geologic risk. Since a lot of the preliminary work has already been completed, the prospects can be drilled relatively soon - as soon as late 2002 - which makes this addition a good complement to Anadarko's portfolio. "As evidenced in this sale and other recent activity, Anadarko is systematically and strategically increasing our position in the deep water Gulf of Mexico," Allison added. Prior to this sale, Anadarko held a total of 351 leases in the Gulf, of which 109 are located in deep water. Additionally, the company has a partnership with BP to explore 95 deep water blocks held by BP in the Garden Banks and Keathley Canyon areas of the Central Gulf of Mexico. Anadarko Petroleum Corporation is one of the largest independent exploration and production companies in the world, with 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. of more than 2 billion barrels of oil equivalent and reported daily production of 558,000 barrels of oil equivalent in the third quarter of 2001. It is among the most active drillers in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with operations in Texas, Louisiana, the Mid-Continent and Rocky Mountain regions, Alaska, the Gulf of Mexico and Canada. Internationally, it is active in Algeria, Tunisia, West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. , the Middle East, Venezuela, Georgia, the North Atlantic and Australia. For more information about Anadarko go to www.anadarko.com. 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 2000 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. . |
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