Anadarko Petroleum said its annual energy production is expectedto grow at an average rate of 18% per year, from 48 million energyequivalent barrels (EEBs) in 1998 to an estimated 92 million EEBsin 2002. The company said the new production forecast is based ondevelopment of known fields and does not include any newexploration discoveries.
CEO Robert J. Allison Jr. said the company is “updating aproduction estimate that we first revealed in 1996. Many thingsabout Anadarko have changed since then. Our proved reserves are 50%larger today, and we have new discoveries in Alaska, Algeria andthe Gulf of Mexico that need to be included in the productionforecast. These new discoveries give us a more balanced productionprofile in the future than our previous estimate.
“On the other hand, commodity prices have stayed down longerthan we’d like and that keeps us from aggressively exploiting someof our domestic assets. Despite the downturn in commodity prices,we’ve continued to deliver exploration success.”
Anadarko and its partners also announced a commercial sub-saltdiscovery called Hickory, located at Grand Isle 116, approximately75 miles offshore Louisiana in 320 feet of water in the Gulf ofMexico. The sub-salt well penetrated a salt section of about 8,000feet, which Anadarko believes is the thickest section of salt everdrilled in the Gulf. The drilling time to reach total depth atHickory was substantially less than industry averages for sub-saltwells, despite multiple storm evacuations during August andSeptember.
Anadarko (operator) owns a 50% working interest in Grand IsleBlocks 110, 111 and 116 along with partners Shell Oil Co., 37.5%;and Ocean Energy, 12.5%; which contain the Hickory discovery
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