Anadarko Increases Interests in Qatar Blocks, Assumes Operatorship.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--June 5, 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. ) announced today it has agreed to purchase all of BP's interests in and assume operatorship of the exploration and production sharing contracts in Blocks 12 and 13 in Qatar, including the Al Rayyan oilfield. Terms were not disclosed. In conjunction with this purchase, Anadarko will increase its planned 2002 investment in Qatar from $80 million to $102 million to increase production by installing a permanent production platform and drilling additional horizontal development wells in the Al Rayyan field on Block 12. Gross production is expected to increase from 12,000 barrels a day to 35,000 barrels a day in early 2003 when the expansion project is completed. Anadarko acquired a majority interest in these two blocks through the purchase of Gulfstream Resources Canada Ltd. in August 2001. With this latest transaction, Anadarko increased its working interest from 65 percent to 92.5 percent and became the operator. Preussag Energie, a German company, holds the remaining 7.5 percent interest in the blocks. "One of the main reasons for the Gulfstream purchase was to give us a presence in the Middle East that we could grow, and this will help us do that," said John Seitz, Anadarko president and chief executive officer. "We have a lot of unexplored acreage in Qatar that we'll be evaluating over the next few years. Block 13 contains about 180,000 unexplored acres, and Block 12, where Al Rayyan is located, contains another 19,000 acres that are still prospective for exploration. "Our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. goal is to extend the international success we've realized through our operations in Algeria to the Middle East and to establish a new core area in this important oil-producing province," Seitz added. Anadarko Petroleum Corporation is one of the largest independent exploration and production companies in the world. The company reported average daily production of 553,000 barrels of oil equivalent in the first quarter of 2002. U.S. operations are in Texas, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , the
Mid-Continent and Western states, Alaska and 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 MexicoGolfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . Internationally, it has significant production in Canada, Algeria, Venezuela and Qatar, and it is exploring in several other countries. More information about the company, including recent investor presentations, is available at www.anadarko.com This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. . |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion