Anadarko expects to have 10 wells on line and producing approximately 15,000 barrels of oil per day by the end of October. Development drilling is ongoing, with gross production expected to ramp up to 22,000 barrels of oil per day from 22 wells by mid-2007.
The development project straddles blocks 04/36 and 05/36 in Bohai Bay in about 75 feet of water. The project consists of a core-area gathering platform and two smaller unmanned satellite platforms, which are tied back approximately 13 kilometers to the Hai Yang Shi You 112 floating production, storage and offloading vessel.
Anadarko is operator of the unitized development project with a 29.18 percent interest. CNOOC Ltd. has a 51 percent interest, Newfield Exploration Company has a 12 percent interest and Ultra Petroleum Corporation has a 7.82 percent interest.
Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2005, the company had 2.45 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. In August 2006, Anadarko acquired Kerr-McGee Corporation and Western Gas Resources, Inc. in separate transactions.
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