Anadarko, one of the world's largest independent oil and gas exploration and production companies, is the operator of the Marco Polo TLP and the Marco Polo field which was discovered by Anadarko in April 2000. Anadarko has successfully tied back all six production risers and has currently completed three out of six pre-drilled development wells in the Marco Polo field. The operator expects the field to reach a peak daily production of 50,000 BOE once all six wells are online. The Marco Polo TLP will also process production from the K2 field located in Green Canyon Block 562 and the K2 North field, located in Green Canyon Block 518 upon the successful subsea tie-back of the fields, which is scheduled for 2005.
"Completing this project through the integrated project team with Anadarko and receipt of first production on the Marco Polo TLP represent the final milestones in the development of this major offshore hub platform in the Gulf of Mexico," said Robert G. Phillips, chairman and chief executive officer of GulfTerra Energy Partners. "The Marco Polo TLP is our seventh offshore hub platform and follows the success of our Falcon Nest and East Cameron 373 platforms. We believe that our strategy of deepwater platform and pipeline ownership in our deepwater infrastructure portfolio is a model that not only creates long-term value for our unitholders but also frees up capital for our producer customers allowing them to accelerate their exploration and development program as demonstrated by Anadarko with their success at the K2 and K2 North fields."
"We share GulfTerra's excitement in the receipt of first oil at the Marco Polo facilities, marking the realization of our vision to jointly create a major Deepwater hub facility in an area with significant surrounding reserves," said Martin Ferron, president and chief operating officer of Cal Dive International. "As nearby reservoirs are found and tied back to the hub, bringing increased production, Cal Dive hopes to enjoy the full range of benefits from our production contracting strategy, including: field farm-ins, incremental facility ownership deals and extensive subsea construction work."
In addition to its 50-percent ownership in the Marco Polo TLP, GulfTerra owns 100 percent of the export pipelines that gather the production processed on the TLP and transport it to the downstream markets. The 36-mile 14-inch diameter oil pipeline interconnects with GulfTerra's Allegheny oil pipeline in Green Canyon Block 164 and has a capacity of 120,000 barrels per day. The 75-mile 18- to 20-inch diameter natural gas pipeline has a capacity of 400 million cubic feet per day and interconnects with GulfTerra's Typhoon gas pipeline in Green Canyon Block 236. GulfTerra performed these state-of-the- art high-tech subsea connections in 1,800 and 2,800 feet of water using pre- installed tie-in assemblies on the existing pipelines without causing any significant delay of the production of the Allegheny and Typhoon fields.
GulfTerra Energy Partners, L.P. is one of the largest publicly traded master limited partnerships with interests in a diversified set of midstream assets located both offshore and onshore. Offshore, the partnership operates natural gas and oil pipelines and platforms and is an industry leader in the development of midstream infrastructure in the Deepwater Trend of the Gulf of Mexico. Onshore, GulfTerra is a leading operator of intrastate natural gas pipelines, natural gas gathering and processing facilities, natural gas liquids transportation and fractionation assets, and salt dome natural gas and natural gas liquids storage facilities.
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