Anadarko Petroleum reported an 8% increase in production from retained properties during the first quarter of 2008 compared to the first quarter of 2007.
"As evidenced throughout 2007 and by the first-quarter 2008 operational highlights (above), our balanced portfolio of properties continues to deliver significant organic growth and positive financial results," Anadarko Chairman, President and CEO Jim Hackett said. "I am pleased with our operating performance through the first three months of 2008, which again exceeded the high end of our production expectations. As a result of this performance, record production in several U.S. onshore fields and our confidence in our portfolio of assets, we are reaffirming our full-year production guidance of 207 million to 212 million BOE (barrels of oil equivalent). This reaffirmation takes into account the anticipated four to six weeks of shut-in production at Independence Hub, where we are working with our partners to repair the third-party-owned export pipeline.
"In addition, I would like to provide an update on several significant developments in our deepwater drilling program. The Mahogany-2 appraisal well, located in 3,540 feet of water on the West Cape Three Points Block offshore Ghana, encountered high-quality stacked reservoir sandstones with approximately 165 feet of net oil-bearing pay. Moreover, the Mahogany-2 well is located approximately seven miles to the northeast and up-dip from the successful Hyedua-1 well on the Deepwater Tano license, indicating a gross oil column of nearly 1,955 feet. We now plan to perform a drillstem test on the Mahogany-2 well to gain a better understanding of the fluid and flow characteristics, which we anticipate will lead us to update our estimated resource range for the area. Also in our deepwater international program, we have made arrangements to move the 'Deepwater Millennium' drillship to Brazil to enable us to execute upon our deepwater subsalt program in the Espirito Santo and Campos basins.
"At our K2 unit in the deepwater Gulf of Mexico's Green Canyon area, we have completed drilling the GC 561 #2 development well. This down-dip appraisal well helped define the extent of the oil-bearing reservoirs that are present in the unit's six producing wells and also encountered new off-structure, oil-bearing sands. The well is currently being side-tracked to further evaluate the extent of these sands," Hackett added.
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