"Anadarko's strategy to chase the subsalt play in deepwater was the right move for stockholders," said John Seitz, Anadarko president and chief executive officer. "Our first deepwater discovery at Marco Polo is being developed, and we have several other deepwater prospects that will be drilled as we evaluate our deepwater subsalt exploration inventory."
The K2 discovery is within 6 miles of the Marco Polo field - a discovery located at Green Canyon Block 608, which was announced by Anadarko in 2000.
Anadarko holds a 52.5 percent working interest in the project; other partners include AGIP (operator - 18.2 percent), Conoco (16.8 percent) and Unocal (12.5 percent).
The Marco Polo platform is under construction and scheduled to be installed in the third quarter of 2003, with first production targeted for the first quarter of 2004. Four development wells have been drilled in 2002 with better-than-anticipated results.
When completed, Marco Polo will be the deepest tension-leg platform in the world. Through a project agreement, El Paso Energy Partners and Cal Dive International will construct and own the platform structure, and Anadarko will be the operator. Production capacity will be 100,000 barrels of oil per day (Bbl/d) and 250 million cubic feet of gas per day (MMcf/d). Under the agreement, Anadarko will have firm capacity of 50,000 Bbl/d and 150 MMcf/d. The remainder of the platform capacity will be available to Anadarko for additional production and/or to third parties that have activity in the area.
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