Anadarko Petroleum Corp., which is a partner in BP plc’s doomed Macondo well in the deepwater Gulf of Mexico (GOM), said Thursday full-year 2010 sales volumes and projected capital spending remain unchanged, but it may shift money to onshore projects in its portfolio.
Guidance for sales volumes this year remains 230-234 million boe, with 57-60 million boe still achievable in 2Q2010, the Houston-based producer said. Capital spending for this year, including expensed geology and geophysics, also should range between $5.3 billion to $5.6 billion.
“We want to assure our stakeholders that we expect to meet our 2010 production targets and have already taken a number of actions to protect the value of our portfolio during the moratorium in the Gulf,” said CEO Jim Hackett.
“Although our Gulf of Mexico drilling activity has been suspended due to the [federal] moratorium, we are evaluating opportunities to reallocate some of the 2010 capital from the Gulf to other areas of our global portfolio, including our numerous onshore liquids-rich opportunities, and we remain committed to our worldwide exploration, appraisal and development programs.”
Anadarko “shares everyone’s desire to ensure the safety of deepwater drilling activity. Deepwater exploration, development and production in the Gulf are vitally important to our nation’s economy and energy security. These activities must be conducted safely and in a manner that protects the environment.
All of Anadarko’s drilling operations in the GOM have been suspended as required under the Department of Interior’s announcement late last month (see Daily GPI, May 28). Prior to the moratorium, the company was conducting operated appraisal and completion activities at several deepwater wells, which include:
“The company’s management has already taken a number of actions to protect the interest of its shareholders during the moratorium,” Anadarko said. A force majeure has been declared on three of its contracted GOM rigs, and it has one remaining GOM rig under contract. While the offshore moratorium is in effect, Anadarko plans to use the remaining rig for completion, workover and other nondrilling activities on existing wells.
“We remain committed to our strategic objectives, and we will not hesitate to take further action if necessary to protect the company and its financial health,” said Hackett. “Furthermore, as a nonoperating interest holder in the Macondo well, we will also take appropriate steps to protect the interests of our stakeholders as facts become clearer on the root cause of the event. We also expect to resume our exploration, appraisal and development activities in the Gulf as soon as we receive greater clarity and the authorization to proceed.”
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