Anadarko Makes Deepwater Discovery with Genghis Khan Well

Anadarko Petroleum has made a discovery with its deepwater Genghis Khan well in the Gulf of Mexico. Open-hole logs indicate about 110 feet of high quality net oil pay in the lower Miocene formation and apparent additional pay uphole in the middle Miocene section. First production is expected in 2006 through subsea tieback to the Marco Polo platform, located 2.4 miles from the discovery.

The discovery, located in a water depth of 4,300 feet on Green Canyon Block 652, was drilled to a total depth of about 26,000 feet in approximately half the time originally forecast. A delineation well is planned immediately. Anadarko has a 100 percent working interest in the block. The well was drilled using Transocean's drillship, Deepwater Millennium.

"Our deepwater Gulf of Mexico program is set to be the largest single contributor to Anadarko's growth strategy over the next four years," said Robert Daniels, senior vice president exploration and production. "Having the Marco Polo facility available to produce the Genghis Khan discovery greatly enhances the project's returns, both by accelerating the development plan and leveraging off existing assets."

Other Anadarko discoveries in the Green Canyon area are the Marco Polo field, which came online July 2004, and the K2 and K2 North fields, which will both begin production through the Marco Polo platform in mid 2005. Anadarko has a 100 percent working interest in the Marco Polo and K2 North fields and a 52.5 percent interest in the K2 field.

Anadarko plans to drill six more exploration wells in the Gulf of Mexico this year. The company owns an average 73 percent interest in 230 blocks in the Gulf.

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by developing, acquiring and exploring for oil and gas resources vital to the world's health and welfare. As of year-end 2004, the company had 2.37 billion BOE of proved reserves, making it one of the world's largest independent exploration and production companies. Anadarko's operational focus extends from the deepwater Gulf of Mexico, up through Texas, Louisiana, the Mid-Continent, western U.S. and Canadian Rockies and onto the North Slope of Alaska. Anadarko also has significant production in Algeria, Venezuela and Qatar, and exploration or production positions in several other countries.

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