Anadarko Enters Into Joint Venture With BP Exploration Covering 95 Deep Water Exploration Blocks in the Central Gulf of Mexico.Business/Energy Editors NOTE TO MEDIA: A Map is available in a Smart News Release(TM) on Business Wire's Home Page at www.businesswire.com and at www.newstream.com HOUSTON--(BUSINESS WIRE)--Oct. 25, 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. ) has entered into a joint venture with BP Exploration & Production Inc. to explore 95 deep water blocks held by BP in the Garden Banks and Keathley Canyon areas of the Central 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 95 blocks, which make up an area known as South Auger, are part of a larger 640-block area of mutual interest where the two companies will license and reprocess re·proc·ess tr.v. re·proc·essed, re·proc·ess·ing, re·proc·ess·es To cause to undergo special or additional processing before reuse. Verb 1. 3-D seismic data. These blocks are located in water depths ranging from 3,000 to 6,000 feet. Most of the targets are deep, sub-salt objectives. "This agreement with BP solidifies our growing deep-water position in the Gulf of Mexico," said John Seitz, Anadarko president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "Even though we're a relative newcomer to the deep water, we have already built a strong exploration program, with one discovery in 2000 and four high-impact wells currently drilling. "By partnering with BP in this area, we can leverage our sub-salt, shallow water expertise with BP's deep water experience to provide a greater range of drilling discovery opportunities for both companies," Seitz said. "We're already participating in drilling a deepwater Gulf of Mexico exploration well, Blues Image, with BP under a separate agreement, and we have partnered with them in other exploration areas, such as the foothills of Alaska and offshore Nova Scotia." Also as part of the deal, BP has agreed to assign Anadarko its rights in eight blocks in the Green Canyon area near Anadarko's Marco Polo discovery on Block 608. Anadarko is currently working on development plans and options to commercialize this discovery. BP holds 100 percent of the 95 South Auger area blocks. The joint venture agreement gives Anadarko the option to earn a 33 to 66 percent working interest in these blocks. The remainder of blocks in the larger 640-block area of mutual interest are either unleased or have been leased by other companies. Under the agreement, Anadarko will fund the licensing and reprocessing of 3-D seismic data using techniques such as pre-stack depth migration, which led the company to the Hickory, Tanzanite tanzanite (tănzăn`īt), beautiful gemstone discovered in 1967 in the Umba Valley near the Usambara Mts. in Tanzania, a precious variety of the mineral zoisite, a calcium aluminum silicate. and 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. sub-salt discoveries. Anadarko will pay a disproportionately larger share of the first four wells drilled. Anadarko Petroleum Corporation is one of the world's largest independent exploration and production companies, with proved reserves of more than 2 billion barrels of oil equivalent and reported average daily production of 570,000 barrels of oil equivalent in the second quarter. It is among the most active drillers in North America, with operations in Texas, Louisiana, the Mid-Continent and Rocky Mountain regions, the Gulf of Mexico, Alaska and Canada. Internationally, it is active in Algeria, Tunisia, West Africa, the Middle East, Venezuela, Georgia, the North Atlantic and Australia. 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. 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.102501/bb1 |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion