Independence Hub production levels are rising, as the natural gas mega-platform gears up to reach its year-end goal of 1 billion cubic feet per day.
As operator of the platform, Anadarko Petroleum announced in a conference call that Independence Hub production has already reached 850 million cubic feet per day.
"Independence Hub came on production and is performing very well as we ramp up toward the hub's capacity of 1 billion cubic feet per day," Anadarko Chairman, President and CEO Jim Hackett said in the company's quarterly report.
Well on its way to reaching its production goal, Independence Hub just started producing in July 2007. Production capacity is expected once all 15 planned wells are in service. Reuters reports that 14 of the wells are complete.
Located in 8,000 feet of water, Independence Hub is the deepest production platform in the Gulf of Mexico, as well as the largest in terms of processing capacity. Enterprise Products Partners holds 80% interest in the platform while Helix Energy holds 20% interest.
Additionally, Enterprise completely owns Independence Trail, a 134-mile pipeline that connects Independence Hub to the West Delta 68 platform.
Enterprise announced at the beginning of October that the company expected Independence Hub to reach its production goal of 1 billion cubic feet per day by the end of 2007.
"Our confidence in this project was further confirmed after the October MMS lease sale when producers invested over $360 million to acquire exploration rights to 80 offshore blocks that are within a 50-mile radius of the Independence Hub and Trail," Michael A. Creel, president and CEO of Enterprise, said in the company's quarterly report.
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