Anadarko's Spartacus Well in GOM Unsuccessful

HOUSTON - An exploration well drilled at Anadarko Petroleum Corp.'s Spartacus prospect in the Gulf of Mexico has failed to produced oil and gas.

"We were just finishing up on our Spartacus exploration well, unfortunately we were unsuccessful," Ernie Leyendecker, Anadarko vice president, exploration, told analysts in an energy conference webcast Wednesday. "The good thing about Spartacus was that our net cost was only about $20 our exposure was relatively small."

The well was targeting subsalt layers in the vicinity of Anadarko's Lucius project, which is currently under development and is expected to be a key driver of the company's future growth.

Houston-based Anadarko said the dry well was a small set back amid a string of major discoveries in the Gulf of Mexico, an area where the company see a huge potential. The Gulf "is one of the most, if not the most, prolific deepwater basins in the world," Leyendecker said. "The Gulf is still alive and well. It's the basin that keeps on giving."

Anadarko said its plans to drill six to eight exploration and appraisal wells in the Gulf this year.

Separately, Anadarko said it has been in talks with Italy's Eni SpA about the possibility of jointly developing part of the Prosperidade and Mamba natural gas discoveries offshore Mozambique. "What you will unitize is only the common reservoirs," an Anadarko executive said.

Copyright (c) 2012 Dow Jones & Company, Inc.


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