Anadarko Petroleum Corporation announced it is increasing its 2007 full-year production guidance from retained properties by 2 million barrels of oil equivalent (BOE), representing the third time production guidance has been increased during the year. The company expects fourth-quarter 2007 production from its retained portfolio to be in the range of 50 to 52 million BOE, compared with previous guidance of 48 to 50 million BOE.
"Our portfolio continues to display outstanding performance and as a result, we are increasing the midpoint of our full-year guidance to 193 million barrels from the previous 191 million barrels," said Karl Kurz, Anadarko COO. "The strong performance of Independence Hub, combined with the completion of the first phase of the Fort Union Gas Gathering expansion in the Powder River Basin and a relatively calm hurricane season, is driving higher-than-anticipated production. We now expect total production for 2007 from our retained properties to be in the range of 192 to 194 million BOE – almost a 6% increase over our original projections at the beginning of the year."
Independence Hub, located in the deepwater Gulf of Mexico, is currently producing approximately 850 million cubic feet of natural gas per day (MMcf/d), and is expected to be producing close to its rated capacity of 1 billion cubic feet per day by year end. Anadarko operates Independence Hub with approximately 60% of the throughput capacity.
On Nov. 16, 2007, Fort Union Gas Gathering, LLC, announced the completion of the first phase of its expansion project in the Powder River Basin. The project has added more than 200 MMcf/d of additional capacity and has initially enabled Anadarko to increase net production in the Powder River Basin by approximately 50 MMcf/d.
"Our performance gives us strong momentum as we expect to close out 2007 at production rates greater than 560,000 BOE per day, with a solid platform to deliver continued production growth of 5 to 9% in 2008 and beyond," Kurz said.
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