Another deepwater well in the Gulf of Mexico (GOM) appears to be a success after the Phobos-1 prospect in the Lower Tertiary Trend encountered 250 feet net of “high-quality oil pay,” said Anadarko Petroleum Corp.
The Phobos discovery in Sigsbee Escarpment Block 39, was drilled to a total depth of 28,675 feet in 8,500 feet of water. It is about 11 miles south of Anadarko’s Lucius discovery and south of ExxonMobil Corp.’s Hadrian project, both now under development (see Daily GPI, Feb. 21; Nov. 2, 2012). Data from the Phobos well is being incorporated to determine how to proceed.
“Our 2013 Gulf of Mexico exploration program is off to an outstanding start, as Phobos marks our third significant deepwater success this year,” said Anadarko Senior Vice President Bob Daniels, who runs the international and deepwater exploration unit.
“Phobos is our first well in the previously untested Sigsbee Escarpment area of the Gulf of Mexico and successfully tested a significant four-way structure in the Lower Tertiary. Phobos’ close proximity to our Lucius project is expected to further enhance the economics of this potential future development.”
Anadarko operates and has a 30% interest in Phobos, which is a partnership with Plains Exploration & Production Co. (50%), ExxonMobil Corp. (20%). Anadarko, 27.8% stakeholder in Lucius, has a $556 million carried-interest agreement with Japan’s Inpex Corp., which purchased a 7.2% stake in the Keathley Canyon prospect last summer (see Daily GPI, Aug. 15, 2012). Plains also is a partner (23.3%), as well as ExxonMobil (15%), along with Apache Corp. (11.7%), Brazil’s Petroleo Brasilerio (9.6%) and Italy’s Eni SpA (5.4%).
“This is the third successful well in the GOM this year for Anadarko and its partners, following successful appraisal wells at Shenandoah and Coronado, said Wells Fargo analysts. ConocoPhillips holds a stake in the other two discoveries (see related story). Anadarko’s “return to drilling in the Gulf has gotten off to a very good start.
“While it was a long spud-to-discovery announcement — leading some to believe no news was bad news — [that] was not the case.” Lucius, said analysts, “encountered 200 feet of net pay and the first two appraisal wells encountered 600 and 650 net feet of pay. Our sources lead us to believe [Phobos] had slightly lower reservoir quality than Lucius.”
There’s “no indication” from Anadarko on the potential size of the discovery, “but we would initially peg it at about 200 million boe until we learn more from any appraisal drilling.” Like other deepwater projects, analysts expect Anadarko likely will pursue some type of joint operating agreement.
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