Anadarko Awarded Offshore Block in Qatar.Energy Editors/Business Editors LONDON--(BUSINESS WIRE)--May 18, 2004 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. ) today announced the signing of an oil and gas exploration and production sharing agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. with Qatar Petroleum (QP) for offshore Block 4. At a ceremony held in the capital city of Doha, Qatar, the agreement was signed by His Excellency HIS EXCELLENCY. A title given by the constitution of Massachusetts to the governor of that commonwealth. Const. part 2, c. 2, s. 1, art. 1. This title is customarily given to the governors of the other states, whether it be the official designation in their constitutions and laws or not. the Second Deputy Prime Minister A Deputy Prime Minister or Vice Prime Minister is, in some countries, a government minister who can take the position of acting Prime Minister when the real Prime Minister is temporarily absent. and Minister of Energy and Industry, Abdullah bin Hamed Al Attiyah, and Jim Emme, Anadarko Vice President of Exploration and Business Development. The 3,132 square-kilometer contract area is located approximately 40 kilometers from the northern coast of Qatar and lies adjacent to the Anadarko-operated Al Rayyan oil field in Block 12. The terms of this agreement call for an initial five-year exploration phase during which Anadarko, in partnership with QP, will undertake a work program comprising technical studies, seismic reprocessing Reprocessing may refer to:
"Block 4 is an important addition to Anadarko's existing portfolio of exploration opportunities in Qatar. The block is situated within some of the world's most prolific petroleum systems, and has remained relatively unexplored for the last 30 years," Emme said. "Qatar has become a focal point for growing our strategic asset base in the Middle East." Anadarko acquired its position in Qatar through the purchase of Gulfstream Resources in 2001. In 2002, with the purchase of BP's interests in Blocks 12 and 13 in Qatar, Anadarko increased its working interest from 65 percent to 92.5 percent and became the operator. Anadarko also holds a 49 percent interest in Block 11, operated by Wintershall. With the addition of Block 4, Anadarko will hold interest in over 1.5 million gross acres in Qatar. Anadarko Petroleum Corporation is one of the world's largest independent oil and gas exploration and production companies, with proved reserves of 2.5 billion barrels of oil equivalent at year-end 2003. Anadarko's operational focus extends from 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 and prolific Texas, Louisiana and Mid-Continent basins, up through the western U.S. and Canadian Rockies and onto the North Slope of Alaska. In addition to Qatar, Anadarko also has significant production in Algeria 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. 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 2003 Annual Report on Form 10-K. |
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