Anadarko's 2009 Investor Conference, held today in The Woodlands, Texas, is highlighted by the company's announcement that it added more than 1 billion barrels of oil equivalent (BOE) of net risked captured resources since March of 2008.
"We are proud of the deep and diverse portfolio of assets we have assembled," Anadarko Chairman and CEO Jim Hackett said. "Since December of 2005, Anadarko's total net risked captured resources have more than doubled, from less than 5 billion BOE to more than 10 billion BOE today. Since March of last year, we've expanded our international net risked resources in West Africa and Brazil. Domestically, we've also added net risked resources in the deepwater Gulf of Mexico, as well as in our emerging shale-gas plays onshore. In addition, the company has successfully transitioned projects from exploration to development phases, expanded resources through infill drilling and downspacing, and monetized noncore assets through strategic divestitures."
One of the highlights of the Conference is the company's announcement of a successful delineation well at the K2 complex in the Green Canyon area of the deepwater Gulf of Mexico. The GC 606 #1 well, located in approximately 4,150 feet of water, encountered approximately 110 feet of net hydrocarbon pay in three Middle- and Lower-Miocene sands. Both the GC 606 #1 and the GC 562 #4 wells are expected to be completed and on production by the end of this year.
The GC 606 #1 well is another positive outcome in a string of successful deepwater drilling activities in 2009 that includes four significant discoveries at the Tweneboa (announced yesterday) and Mahogany Deep prospects offshore Ghana, and the Heidelberg and Shenandoah prospects in the Gulf of Mexico.
"We've built significant momentum during the last two years with differentiating exploration successes, industry-leading project-management skills and a capital-efficient foundation of producing assets onshore. We have also strengthened our balance sheet and liquidity, which has prepared us well to manage through this challenging financial environment, while positioning the company for the economy's inevitable rebound."
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