Commodity Corner: Crude Up on Weather Threat

- Commodity Corner: Crude Up on Weather Threat

Thursday, September 01, 2011
Rigzone Staff
by Saaniya Bangee

Despite shaky equities and a rising dollar, crude futures inched modestly higher Thursday on weather reports of a storm brewing in the Gulf of Mexico.

October oil added 12 cents to its final price tag, settling at $88.93 a barrel on the New York Mercantile Exchange. Oil traded as low as $88.21 a barrel after an earlier intraday peak of $89.90.

The National Hurricane Center reported an 80 percent chance that a tropical wave in the Gulf of Mexico could develop into a tropical cyclone within the next 48 hours. Oil majors such as Shell, ExxonMobil, BP, Anadarko and BP have evacuated nine platforms in the Gulf of Mexico and shut in nearly 80,000 barrels of oil production, according to the Bureau of Ocean Energy Management, Regulation and Enforcement. In addition, 127 million cubic feet per day of natural gas was also shut in.

In other forecasts, initial unemployment claims fell by 12,000 to 409,000 last week. Data reported by the Labor Department helped boost optimism about the economy.

Brent crude, which is used to price many international oil varieties, lost 56 cents to settle lower at $114.29 barrel on fresh concerns over Greece's debt problems. The intraday range for Brent was $113.89 to $115.31 a barrel on the ICE future exchange.

Natural gas for October delivery remained unchanged at $4.05 per thousand cubic feet Thursday.

Gasoline gained 1.64 cents for the first trading session for the October contract. Reformulated gasoline settled at $2.89 a gallon. Some East Coast refineries remain shut down due to Hurricane Irene. Prices fluctuated between $2.85 and $2.92 Thursday.

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Anadarko Hits Gas Pay Offshore Mozambique

- Anadarko Hits Gas Pay Offshore Mozambique

Monday, August 22, 2011
Anadarko Petroleum Corp.

Anadarko announced that its Barquentine-2 appraisal well, located in Mozambique's Offshore Area 1 of the Rovuma Basin, encountered more than 230 net feet (70 meters) of natural gas pay in high-quality Oligocene-age reservoirs. Barquentine-2 was the first appraisal well in the Windjammer, Barquentine and Lagosta complex, which is estimated to hold a minimum of 6 trillion cubic feet (Tcf) of recoverable natural gas resources.

"Our first appraisal of the Barquentine discovery matched our expectations, confirming our seismic modeling and providing confidence in our geologic interpretation of this world-class accumulation," Anadarko Sr. Vice President, Worldwide Exploration Bob Daniels said. "We've also taken a major step toward the development of these substantial resources by awarding contracts for pre-FEED (front-end engineering and design) work for a prospective LNG (liquefied natural gas) plant. We have significant ongoing exploration and appraisal programs in the Rovuma Basin and look forward to advancing this important project that can provide long-term benefits for the people of Mozambique."

The Barquentine-2 appraisal well was drilled to a total depth of approximately 13,500 feet (4,100 meters) in approximately 5,400 feet (1,650 meters) of water using drillship Belford Dolphin. The results of the Barquentine-2 appraisal well, which is located approximately 2 miles (3 km) east-southeast of the Barquentine-1 discovery well, also indicated that the Oligocene reservoirs are in static pressure communication between the wells. The drillship is now being mobilized to the south to drill the Camarão exploration well, which also will serve as an appraisal to the Windjammer discovery.

As mentioned, a subsidiary of Anadarko and co-owners in the Offshore Area 1 awarded contracts to KBR and Technip to perform pre-FEED studies for an LNG plant in Mozambique. The pre-FEED studies are designed to help the partnership further assess the viability of developing an LNG facility to produce and process natural gas from the region.

Anadarko is the operator of the 2.6-million-acre Offshore Area 1 with a 36.5-percent working interest. Co-owners in the area include Mitsui E&P Mozambique Area 1, Limited (20 percent), BPRL Ventures Mozambique B.V. (10 percent), Videocon Mozambique Rovuma 1 Limited (10 percent) and Cove Energy Mozambique Rovuma Offshore, Ltd. (8.5 percent). Empresa Nacional de Hidrocarbonetos, E.P.'s 15-percent interest is carried through the exploration phase.

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Technip Bags Gig at Anadarko's Lucius Field

- Technip Bags Gig at Anadarko's Lucius Field

Friday, August 19, 2011
Technip

Anadarko has issued a Letter of Intent to Technip for the engineering, construction and transport of a 23,000 ton Truss Spar hull for their Lucius field development. This field is located in approximately 7,100 feet (2,165 meters) of water, in the US Gulf of Mexico.

This Letter of Intent allows Technip to begin preliminary work on the project including purchase of long lead items for the hull in advance of the planned sanction date of December 2011.

The Lucius Spar will have a capacity of more than 80,000 barrels of oil and 450 million cubic feet of natural gas per day.

Technip's operating center in Houston, Texas, will provide the overall project management. The detailed hull design and fabrication will be carried out by Technip's yard in Pori (Finland), where most of the previous Technip Spar projects have been manufactured.

This Spar will be the fifteenth delivered by Technip (out of eighteen worldwide) and thus demonstrates both the leadership of the Group for this kind of floating platform and its ability to tackle ultra deep water developments. It also confirms the Pori yard track record expertise and great capabilities to deliver state-of-the-art platforms.

First oil is scheduled for 2014.

The Lucius Spar will be jointly owned by Anadarko (35%), Plains E&P (23.3%), ExxonMobil (15%), Apache (11.7%), Petrobras (9.6%) and Eni (5.4%).

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Anadarko Executive: Drilling First Deep-Water Well Off Liberia

- Anadarko Executive: Drilling First Deep-Water Well Off Liberia

Thursday, August 18, 2011
Dow Jones Newswires
HOUSTON
by Ryan Dezember

Anadarko plans an aggressive deep-water exploration campaign worldwide over the next year and a half, the head of the company's exploration unit said Wednesday.

"The inventory of opportunities we have is better than it's ever been," Bob Daniels, Anadarko's senior vice president of Worldwide Exploration, said during a speech webcast from an investor conference in Denver. "We will continue with a very aggressive exploration program around the world."

The Houston company's success in Ghana, where it last year brought the vast Jubilee discovery into production, has spread into neighboring West African nations, he said. In addition to offshore exploration in Sierra Leone and the Ivory Coast, Anadarko is drilling Liberia's first deep-water well at the company's Montserrado prospect.

Judging from seismic data and other geologic factors, the Montserrado prospect "is a look-alike" to the Jubilee discovery, Daniels said.

Jubilee is estimated to hold the equivalent of between 600 million and 1.5 billion barrels of oil.

In all, Anadarko plans 15 deep-water exploration and appraisal wells in West African waters, Daniels said.

In East Africa, where Anadarko has already made a huge natural gas discovery off Mozambique, the company holds some 14 million acres. Daniels said Anadarko will bring a second rig to Mozambique in the fourth quarter and anticipates drilling prospects off Kenya, where Anadarko has leased "most of the deep water," next year.

Deep-water exploration is also slated to begin off New Zealand next year, he said.

"In the deep-water Gulf of Mexico, we have an inventory of discoveries and we have a very, very deep portfolio of exploration wells to drill," Daniels said.

The second-largest acreage holder in the U.S. Gulf of Mexico, Anadarko plans five deep-water exploration wells there this year and between six and eight exploration and appraisal wells next year.

In the last three weeks Anadarko has obtained three drilling permits from U.S. regulators, he said.

"That's very good progress in that we now have some confidence that when we apply for a permit we know about how long its going to take," he said. "That allows us to then put rig contracts in place."

Permits have been difficult to come by since last year's deadly Deepwater Horizon disaster. Anadarko was a minority owner of BP's doomed well, which blew out and caused the worst offshore oil spill in U.S. history.

Anadarko said last month that it has agreed to jointly develop its Lucius field in the Gulf with ExxonMobil, which has its own big discoveries a few miles away. Lucius is believed to hold 300 million barrels of high-quality crude and Daniels said he expects the project to be sanctioned by the end of this year with first production planned for 2014.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Anadarko Declares Dividend

- Anadarko Declares Dividend

Monday, August 01, 2011
Anadarko Petroleum Corp.

The Board of Directors of Anadarko declared a quarterly cash dividend on the company's common shares.

A dividend of 9 cents per share was declared on the company's outstanding common stock, payable Sept. 28, 2011 to stockholders of record at the close of business on Sept. 14, 2011.

The amount of future dividends for Anadarko common stock will depend on earnings, financial condition, capital requirements and other factors. The Board of Directors will determine dividends on a quarterly basis.

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Anadarko Resumes Exploration, Drilling in North Slope Foothills

- Anadarko Resumes Exploration, Drilling in North Slope Foothills

Monday, August 01, 2011
Alaska Journal of Commerce
by Tim Bradner

Anadarko Petroleum Corp. will test its Chandler No. 1 gas discovery made in 2009 in the foothills region of the southern North Slope, the company said. The company will move equipment to the site for testing later this year when cold weather allows the construction of a snow road, Anadarko spokesman Mark Hanley said.

Anadarko drilled the Chandler well over two winter seasons in 2008 and 2009, but did not conduct a production test, Hanley said. A production test was conducted, however, on another gas exploration well Anadarko drilled at Gubik, about 10 miles north of the Chandler well. Results of that test have not been disclosed, Hanley said.

Gas was first discovered at Gubik in exploration in the 1960s but the deposit was considered too small to be commercial. Anadarko and its partners acquired leases on the prospect and drilled two tests to delineate the old discovery including the one where production testing was done.

Anadarko has been active in exploring in the foothills region for several years but took a two-year hiatus after PetroCanada, who was a partner with Anadarko in the foothills exploration, merged with Suncor Energy in 2009. Suncor remained in the venture along with BG Energy and Anadarko, and has now approved its share of expenses related to the planned testing.

Encana and BP were previous partners with Anadarko in the foothills, but have pulled out.

Geologists consider the foothills of the southern North Slope to be gas-prone, but there is also some oil potential.

"There is gas in this region and almost every well that is drilled finds gas. The question is whether enough can be found to make a gas field," Hanley said.

Land ownership in the region is split between the state of Alaska and Arctic Slope Regional Corp., a private development corporation owned by Inupiat people of the region.

Hanley said Anadarko will build a snow road about 75 miles to the Chandler site from the Dalton Highway, a year-around road that parallels the Trans-Alaska Pipeline System. Testing will be done without a drill rig, he said.

Discussions are also underway with Linc Energy, an Australian-based independent, about coordinating winter exploration logistics with that company's plan to do test drilling at Umiat, a small oil field within the National Petroleum Reserve-Alaska about 13 miles west of the Chandler discovery.

Linc Energy has said it will be moving a drill rig to Umiat later this year for its drilling but had initially planned to move the rig by air. Umiat has an existing all-weather airstrip.


Copyright (c) 2011, Alaska Journal of Commerce, Anchorage

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Commodity Corner: Oil Jumps on Fear of Don

- Commodity Corner: Oil Jumps on Fear of Don

Thursday, July 28, 2011
Rigzone Staff
by Saaniya Bangee

Oil futures edged higher Thursday as Tropical Storm Don brewed in the Gulf of Mexico.

Oil trading remained choppy throughout the day Thursday with prices as high as $98.01 and as low as $96.51 a barrel. Front-month crude gained 4 cents to end the session at $97.44 a barrel.

The U.S. Labor Department said the number of claims for unemployment benefits fell to its lowest level in almost four months last week. According to the report, 398,000 people filed for unemployment benefits; this represents an increase in employment.

In its latest bulletin, the National Hurricane Center reported that Tropical Storm Don has strengthened and is headed toward the Texas coast. Oil majors ExxonMobil, Shell, BP and Anadarko have scaled back production and evacuated non-essential from several platforms in the Gulf of Mexico. Analysts predict output levels should return to normal by Saturday morning.

Traders played it safe Thursday over lingering uncertainty caused by the U.S. debt-ceiling dispute. With an Aug. 2 deadline looming, lawmakers remain deadlocked over a proposal to raise the debt limit.

The Brent benchmark fluctuated between $117.07 and $118.64 Thursday, before settling at $117.36 a barrel.

Natural gas for September delivery fell by 1.7 percent to $4.24 per thousand cubic feet Thursday, thanks to larger-than-expected stockpiles as reported by the Energy Information Administration. The EIA stated that natural gas supplies grew by 43 billion cubic feet for the week ended July 22. As of July 22, inventories were at 2.714 trillion cubic feet, down 2.3 percent from the five-year average.

The intraday range for natural gas was $4.20 to $4.34 per thousand cubic feet.

Reformulated gasoline lost 0.8 percent to settle at $3.12 a gallon. It peaked at $3.17 and bottomed out at $3.09 during Thursday's trading.

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Anadarko Touts 2Q11 Results

- Anadarko Touts 2Q11 Results

Monday, July 25, 2011
Anadarko Petroleum Corp.

Anadarko announced second-quarter 2011 net income attributable to common stockholders of $544 million, or $1.08 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items decreased net income by approximately $28 million, or $0.06 per share (diluted) on an after-tax basis. Cash flow from operating activities in the second quarter of 2011 was $1.837 billion, and discretionary cash flow totaled $1.838 billion.

Second-Quarter 2011 Highlights

• Achieved record liquids sales volumes of 297,000 barrels per day
• Finalized Lucius unitization agreement
• Successfully tested three wells at the Caesar/Tonga mega project
• Closed the acquisition of the Wattenberg Processing Plant

"We achieved record liquids sales volumes during the quarter, enhancing margins and generating excellent cash flows," said Anadarko Chairman and CEO Jim Hackett. "Nearly all of the year-over-year volume growth was attributable to a 34,000 barrel-per-day increase in liquids volumes. These results contributed to strong discretionary cash flows of more than $1.8 billion -- approximately $117 million above our capital expenditures, which included a one-time cash investment of $518 million associated with the acquisition of the Wattenberg plant."

During the second quarter of 2011, sales volumes totaled 62 million barrels of oil equivalent (BOE), or 685,000 BOE per day, averaging approximately 2.3 billion cubic feet of natural gas per day, 225,000 barrels of oil per day (BOPD), and 72,000 barrels of natural gas liquids per day.

Operations Summary

The company achieved sales-volumes records during the second quarter of 2011 in Wattenberg, Greater Natural Buttes, Wamsutter (operated), Bone Spring and the Marcellus Shale. In the Eagleford Shale, Anadarko closed its $1.6 billion joint-venture agreement with a subsidiary of Korea National Oil Corporation and exited the quarter with record gross sales volumes of approximately 45,000 BOE per day in the play, an increase of approximately 25 percent from the end of the prior quarter. In Ghana, current gross production from Jubilee is approximately 80,000 BOPD, and production continues to ramp up with further well completions and gas injection.

In the deepwater Gulf of Mexico, Anadarko continued to advance two major projects during the second quarter. The company finalized the Lucius unitization agreement and recently announced plans to develop the field with a truss spar designed for a capacity of 80,000 BOPD and 450 million cubic feet of natural gas per day. Sanctioning is expected to occur later this year, with first production expected in 2014. At the Caesar/Tonga project, Anadarko completed flow and reservoir tests on three wells. Each of the wells tested at flow rates of approximately 15,000 BOPD with high-quality (27º API gravity) oil.

Exploration Summary

Anadarko has mobilized the Discoverer Spirit drillship to begin the company's 2011 exploration program in West Africa, following the drillship's completion of the final test at Caesar/Tonga. This program includes the Montserrado exploration well in Liberia, as well as the Jupiter exploration well and Mercury appraisal well in Sierra Leone. In other deepwater exploration areas, Anadarko continued to delineate its large natural gas discoveries in Mozambique, and to advance appraisal activities in the Tweneboa/Enyenra area offshore Ghana. The company also recently began appraisal drilling in the Campos Basin offshore Brazil.

As previously announced by Diamond Offshore, Anadarko signed long-term contracts in the second quarter for two new-build drillships. The Ocean BlackHawk is expected to be delivered in late 2013, and the Ocean BlackHornet is expected to be delivered in early 2014. These new state-of-the-art rigs are designed to work in up to 12,000 feet of water, and each has been contracted for a term of five years. These new rigs will feature enhanced drilling capabilities and safety equipment designed to meet the highest specifications in the industry.

"We expect the next six to nine months to be the most active period of deepwater exploration and appraisal drilling in our company's history," said Hackett. "Our exploration program is designed to deliver upon our goal of discovering more than 500 million BOE of net risked resources this year. We are continuing to advance our deep inventory of high-impact prospects, and the new rig agreements reinforce our long-term commitment to the safety and success of our global exploration program."

Financial Summary

Anadarko reported total product revenues of approximately $3.5 billion during the second quarter of 2011, a 46-percent increase relative to the second quarter of 2010. The company ended the second quarter of 2011 with approximately $3.4 billion of cash on hand in addition to its five-year, $5 billion undrawn credit facility. As provided in the supplemental information to this release, Anadarko protected an additional 450,000 MMBtu per day of 2013 natural gas production, with three-way collars that have a middle floor of $5.00 per MMBtu and a ceiling of $6.57 per MMBtu.

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Anadarko Petroleum Topped Q2 EPS Estimates

- Anadarko Petroleum Topped Q2 EPS Estimates



Jul 25, 2011

Anadarko Petroleum (NYSE:APC) announced Q2 EPS of $1.14, ex-items, ahead of consensus estimates of $0.95 per share. During the quarter, sales volumes totaled 62 million barrels of oil equivalent, or 685,000 BOE per day, averaging about 2.3 billion cubic feet of natural gas per day, 225,000 barrels of oil per day, and 72,000 barrels of natural gas liquids per day.

Anadarko Chairman and CEO Jim Hackett said, "We achieved record liquids sales volumes during the quarter, enhancing margins and generating excellent cash flows. Nearly all of the year-over-year volume growth was attributable to a 34,000 barrel-per-day increase in liquids volumes. These results contributed to strong discretionary cash flows of more than $1.8 billion -- approximately $117 million above our capital expenditures, which included a one-time cash investment of $518 million associated with the acquisition of the Wattenberg plant."

Anadarko Petroleum has a potential upside of 15.4% based on a current price of $82.58 and an average consensus analyst price target of $95.26.

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Lawsuit Against BP Tossed

- Lawsuit Against BP Tossed

Monday, July 18, 2011
Houston Chronicle
by Tom Fowler

A federal judge has dismissed racketeering claims brought by Gulf Coast businesses and residents against BP for last year's massive oil spill.

The plaintiffs alleged that BP defrauded regulators in connection with the safety of its drilling operations and its response to the spill. They invoked the Racketeer Influenced and Corrupt Organizations Act, a law typically used against organized crime.

U.S. District Judge Carl Barbier dismissed the claims Friday. The decision does not affect other damage claims still pending from the same plaintiffs.

The judge also set aside a lawsuit filed against BP by Anadarko Petroleum Corp., one of its partners on the Macondo well. He ruled that the two companies' prior contractual agreements required them to try to settle such disputes through arbitration before suing.

Anadarko argued that BP had voided that requirement by, among other things, demanding that Anadarko produce evidence in the civil case.

"We respect today's decision, which does nothing to diminish our claims; it simply addresses the venue in which they may be resolved," Anadarko spokesman John Christiansen said in a statement.

Anadarko has not set aside funds explicitly for possible spill-related liabilities but has said during analyst meetings that it has up to $3.4 billion in cash on hand and a $5 billion credit line it acquired after the accident.

BP, which has set aside more than $40 billion in reserves, said in a prepared statement after the ruling that Anadarko shares liability under the federal Oil Pollution Act.

"Anadarko has blatantly disregarded its responsibilities to the residents of the Gulf Coast by failing to pay its fair share of the costs relating to the accident and resulting spill," it said. "BP remains focused on ensuring that Anadarko lives up to its obligations as a co-leasehold owner of the Macondo prospect and as a 'responsible party' under OPA."

Copyright (c) 2011, Houston Chronicle. Distributed by McClatchy-Tribune Information Services.

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Anadarko Announces Lucius Unitization

- Anadarko Announces Lucius Unitization

Monday, July 18, 2011                                               
Anadarko Petroleum Corp.

Anadarko Petroleum Corp. on Monday announced the finalization of a unitization agreement with Exxon Mobil Corp. and co-owners to develop the Lucius field.

The unitization includes portions of Keathley Canyon blocks 874, 875, 918 and 919 in the deepwater Gulf of Mexico. Anadarko will operate the unit with a 35-percent working interest. Following the unitization agreement, the Lucius interest owners entered into an agreement with the Hadrian South co-venturers whereby natural gas produced from the Hadrian South field will be processed through the Lucius facility in return for a production-handling fee and reimbursement for any required facility upgrades.

"As a result of these agreements, we expect Lucius to be among the most economically efficient projects in our portfolio, while providing important infrastructure in an emerging area of the Gulf of Mexico," said Al Walker, Anadarko President and Chief Operating Officer. "We've already placed orders for the long-lead items, including the truss spar floating production facility, which will have a capacity of more than 80,000 barrels of oil per day (BOPD) and 450 million cubic feet of natural gas per day. We look forward to working with our new co-owners and anticipate sanctioning the project later this year, with first production expected in 2014."

Anadarko and the co-owners also recently completed an extended well test at the Lucius discovery that provided assurance regarding the flow rates and excellent reservoir characteristics of the field. With equipment-constrained rates in excess of 15,000 BOPD of high-quality oil (29 degrees API gravity), the test provided additional confidence in Anadarko's previous resource estimates and indicated that Lucius can be developed with a minimal number of wells.

Co-owners in the Lucius unit include Plains Exploration & Production Co. with a 23.3-percent working interest; Exxon Mobil Corp. with a 15-percent working interest; Apache Deepwater LLC, a subsidiary of Apache Corp. with an 11.7-percent working interest; Petrobras with a 9.6-percent working interest; and Eni Petroleum with a 5.4-percent working interest.

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Anadarko Petroleum Declares Quarterly Dividend

- Anadarko Petroleum Declares Quarterly Dividend



May 17, 2011

The Board of Directors of Anadarko Petroleum Corporation (NYSE:APC) declared a quarterly cash dividend of $0.09 per share today.

The dividend is payable June 22, 2011, to stockholders of record at the close of business on June 8, 2011, and represents an annual yield of about 0.50%.

Shares of Anadarko Petroleum are trading down 1.21% at $72.51.

Anadarko Petroleum has a potential upside of 29.2% based on a current price of $72.51 and an average consensus analyst price target of $93.7.

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Anadarko Posts Quarterly Dividend

- Anadarko Posts Quarterly Dividend

Tuesday, May 17, 2011
Anadarko Petroleum Corp.

Anadarko declared a quarterly cash dividend on the company's common shares.

A dividend of 9 cents per share was declared on the company's outstanding common stock, payable June 22, 2011, to stockholders of record at the close of business on June 8, 2011.

The amount of future dividends for Anadarko common stock will depend on earnings, financial condition, capital requirements and other factors. The Board of Directors determines dividends on a quarterly basis.

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Anadarko Hires Diamond Drillship Duo

- Anadarko Hires Diamond Drillship Duo

Tuesday, May 17, 2011
Diamond Offshore Inc.

Diamond Offshore has entered into two term drilling contracts with Anadarko. The contracts, which will utilize Diamond Offshore's two new-build drillships now on order, are expected to generate combined maximum total revenue of approximately $1.8 billion and represent 10 years of contract drilling backlog. In addition, Anadarko and Diamond have mutually agreed to dismiss all claims related to the Ocean Monarch.

The dynamically positioned, ultra-deepwater drillships, Ocean BlackHawk and Ocean BlackHornet, are each contracted for five years commencing in late 2013 and early 2014, respectively. As previously reported, Hyundai Heavy Industries Co., Ltd. is currently preparing to commence construction of the two drillships at its South Korean shipyard.

Diamond Offshore President and Chief Executive Officer Larry Dickerson said, "We are pleased to place our newest rigs under contract with Anadarko, with whom we have had a successful long-term relationship. We look forward to contributing to Anadarko's exploration and development efforts, working to bring to market energy resources for the world's increasing demand. A first class customer, two state of the art rigs and Diamond Offshore's high operational standards are all part of a formula for success."

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Anadarko Petroleum Reported Q1 Results, Top Line Up 3.5% YoY

Anadarko Petroleum Reported Q1 Results, Top Line Up 3.5% YoY



May 2, 2011

Anadarko (NYSE:APC) reported Q1 EPS of $0.43 and adjusted net income of $0.72 per share. Analysts, on average, estimated EPS of $0.58 per share. Revenues for the quarter rose 3.5% year-over-year to $3.25 billion, ahead of consensus estimates of $3.09 billion.

Anadarko Chairman and CEO Jim Hackett said, "Anadarko delivered record sales volumes in the first quarter, including a 15-percent quarter-over-quarter increase in daily liquids volumes, strong cash flow and improved margins. This record performance was highlighted by the rapid growth of our shale plays and our first lifting from the Jubilee field offshore Ghana. Our deepwater exploration program also achieved excellent results in the quarter with three discoveries and three successful offshore appraisal wells. Early in the second quarter, we closed the previously announced $1.6 billion joint venture with KNOC (Korea National Oil Corporation) in the Eagleford Shale, validating the tremendous embedded value of this resource."

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Anadarko to Mobilize Rig to W. Africa

Anadarko to Mobilize Rig to W. Africa

Monday, March 28, 2011

Anadarko Petroleum Corp.

 

Anadarko has finalized plans for its previously announced 2011 drilling campaign in the Liberian Basin. To carry out this program,
Anadarko intends to mobilize the Discoverer Spirit drillship from the Gulf of Mexico to West Africa after it finishes completion activities
on the third Caesar/Tonga well. Subject to the finalization of a contract amendment with the rig owner, the Discoverer Spirit is expected to begin drilling in West Africa during the third quarter.

As part of this program, Anadarko plans to drill its first Mercury appraisal well, located approximately seven miles west of the Mercury
discovery well offshore Sierra Leone in Block SL-07B-10. In addition, the company plans to drill the Jupiter exploration prospect on the
same block later in the year. Anadarko operates Block SL-07B-10 with a 65-percent working interest.

Offshore Liberia, the company plans to drill the Montserrado exploration well on Block 15, which is operated by Anadarko with a
57.5-percent working interest. Further to the east, on Block 10, Anadarko recently completed the acquisition of a 2,400-square-kilometer 3D seismic survey. Processing of the survey is expected to take approximately six to nine months, and with the
acquisition of this data, Anadarko will have 3D seismic information covering virtually all of its acreage in the Liberian Basin.

"Mobilizing the Discoverer Spirit to West Africa ensures our ability to deliver upon our exploration and appraisal programs in a timely
fashion in an area that offers tremendous potential with more than 30 identified Jubilee-like prospects on our acreage," said Al Walker,
Anadarko President and Chief Operating Officer. "We plan to keep the ENSCO 8500 rig in the Gulf of Mexico to conduct an extended well test at Lucius and, once we receive drilling permits, we are confident that we will be able to utilize the ENSCO 8500 and contract a
deepwater rig of opportunity to resume our development and exploration programs in the Gulf."