Anadarko Divests Guatemala Operations

Anadarko Petroleum Corporation has sold 100 percent of its wholly owned subsidiary, Basic Resources International, to Perenco for US $120.5 million. Basic produces and refines crude oil in the Central American country of Guatemala. Perenco will assumes full responsibility for the operations and facilities effective July 26, 2001.

Basic Resources operates and controls 100 percent of the fully developed infrastructure that extends from the wellhead to the export terminal. This includes processing plants, a 295-mile pipeline system, an asphalt refinery and storage and loading facilities at the Piedras Negras shipping terminal on the Caribbean coast. At year-end 2000, Basic had proved and probable reserves of 58 million barrels of oil.

Anadarko acquired Basic as part of a merger with Union Pacific Resources in July 2000. Perenco is a privately held, European exploration and production company with operations in eight countries. Following its acquisition of these Guatemalan interests, Perenco will report net production of 100,000 barrels of oil per day.