Anadarko Bets on Deepwater GOM with 48 High Bids

Anadarko was the apparent high bidder on 48 deepwater tracts in the Central Gulf of Mexico Lease Sale 213. Bidding alone and with partners, the company was successful on 48 of 53 total bids, representing expenditures of approximately $128 million net to Anadarko. The bids are subject to approval by the U.S. Department of the Interior’s Minerals Management Service.

Anadarko's winning bids were primarily focused on high-impact targets that can be drilled in the near- to mid-term in the Miocene and Pliocene plays, several of which are considered to be on trend with the company's recent Lucius and Vito discoveries and subsequent successful appraisal wells.

Anadarko is the largest independent leaseholder in the deepwater Gulf of Mexico. With the addition of these new blocks, Anadarko will have access to 618 blocks covering approximately 3.5 million gross acres. During 2010, the company plans to drill four to six exploration wells and three to four appraisal wells in the deepwater Gulf of Mexico.