Anadarko Successfully Tests Sigsbee Escarpment with Phobos Well

Anadarko Petroleum Corp. encountered approximately 250 net feet of oil pay in Lower Tertiary-aged reservoirs with the Phobos-1 well in the Gulf of Mexico.

The Phobos discovery marks Anadarko's third significant deepwater success in 2013, and is the first well in the previously untested Sigsbee Escarpment area of the Gulf of Mexico.

Drilled by Maersk Developer (UDW semisub) to a total depth of 28,675 feet in approximately 8,500 feet of water, Phobos is located in Sigsbee Escarpment Block 39 approximately 11 miles south of Anadarko's Lucius discovery, which is under development.

Phobos successfully tested a significant four-way structure in the Lower Tertiary.

"Phobos' close proximity to our Lucius project is expected to further enhance the economics of this potential future development," said Bob Daniels, senior vice president of international and deepwater exploration at Anadarko, in a statement.

Anadarko is operator of Phobos with a 30-percent working interest. Plains Exploration & Production Company owns a 50-percent working interest and ExxonMobil Corporation holds a 20-percent working interest.

Despite the challenges of exploration in the Lower Tertiary play, including deep well depths, high pressure, high temperature conditions and dense sub-surface salt, recent discoveries in the Lower Tertiary play in the Gulf of Mexico have helped confirm the potential for the deepwater Gulf play.

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Anadarko Successfully Tests Sigsbee Escarpment with Phobos Well

Anadarko Petroleum Corp. encountered approximately 250 net feet of oil pay in Lower Tertiary-aged reservoirs with the Phobos-1 well in the Gulf of Mexico.

The Phobos discovery marks Anadarko's third significant deepwater success in 2013, and is the first well in the previously untested Sigsbee Escarpment area of the Gulf of Mexico.

Drilled by Maersk Developer (UDW semisub) to a total depth of 28,675 feet in approximately 8,500 feet of water, Phobos is located in Sigsbee Escarpment Block 39 approximately 11 miles south of Anadarko's Lucius discovery, which is under development.

Phobos successfully tested a significant four-way structure in the Lower Tertiary.

"Phobos' close proximity to our Lucius project is expected to further enhance the economics of this potential future development," said Bob Daniels, senior vice president of international and deepwater exploration at Anadarko, in a statement.

Anadarko is operator of Phobos with a 30-percent working interest. Plains Exploration & Production Company owns a 50-percent working interest and ExxonMobil Corporation holds a 20-percent working interest.

Despite the challenges of exploration in the Lower Tertiary play, including deep well depths, high pressure, high temperature conditions and dense sub-surface salt, recent discoveries in the Lower Tertiary play in the Gulf of Mexico have helped confirm the potential for the deepwater Gulf play.

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Anadarko Finds New Gas in Mozambique's Rovuma Basin

Super independent Anadarko Petroleum Corporation reported Thursday that it has discovered a new natural gas accumulation within Offshore Area 1 of the Rovuma Basin, offshore Mozambique. The Orca-1 discovery well encountered approximately 190 net feet of natural gas pay in a Paleocene fan system.

Meanwhile, Anadarko also reported that it found non-commercial oil shows in reservoir-quality sands at its Kubwa well in the L-07 Block, offshore Kenya.

"Discovering another large, distinct and separate natural gas accumulation in the Offshore Area 1 continues our outstanding exploration success offshore Mozambique," Anadarko Senior Vice President for Worldwide Exploration Bob Daniels said in a statement.

"We are designing an initial two-well appraisal program to define the areal extent of the Orca field, which will commence immediately after drilling our Linguado and Espadarte exploration wells. Orca is a single large Paleocene column, and its proximity to shore provides additional options and flexibility for potential future development."

Anadarko is the operator of Offshore Area 1 with a 36.5-percent working interest.

On the oil shows discovery at the Kubwa well, Daniels said the firm was very encouraged and that mud log and well-site evaluation of core data indicates the presence of working petroleum system.

"The Kubwa well tested multiple play concepts and provided useful data regarding the prospectivity of our six-million-acre position offshore Kenya. The rig will now mobilize south to drill the Kiboko well," Daniels added.

Anadarko also operates the L-07 Block and has a 50-percent working interest in it.

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Anadarko Finds New Gas in Mozambique's Rovuma Basin

Super independent Anadarko Petroleum Corporation reported Thursday that it has discovered a new natural gas accumulation within Offshore Area 1 of the Rovuma Basin, offshore Mozambique. The Orca-1 discovery well encountered approximately 190 net feet of natural gas pay in a Paleocene fan system.

Meanwhile, Anadarko also reported that it found non-commercial oil shows in reservoir-quality sands at its Kubwa well in the L-07 Block, offshore Kenya.

"Discovering another large, distinct and separate natural gas accumulation in the Offshore Area 1 continues our outstanding exploration success offshore Mozambique," Anadarko Senior Vice President for Worldwide Exploration Bob Daniels said in a statement.

"We are designing an initial two-well appraisal program to define the areal extent of the Orca field, which will commence immediately after drilling our Linguado and Espadarte exploration wells. Orca is a single large Paleocene column, and its proximity to shore provides additional options and flexibility for potential future development."

Anadarko is the operator of Offshore Area 1 with a 36.5-percent working interest.

On the oil shows discovery at the Kubwa well, Daniels said the firm was very encouraged and that mud log and well-site evaluation of core data indicates the presence of working petroleum system.

"The Kubwa well tested multiple play concepts and provided useful data regarding the prospectivity of our six-million-acre position offshore Kenya. The rig will now mobilize south to drill the Kiboko well," Daniels added.

Anadarko also operates the L-07 Block and has a 50-percent working interest in it.

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Anadarko Hits Prolific Oil Pay at Shenandoah Well in GOM

Marathon Oil Corporation announced Tuesday the Shenandoah-2 well in the deepwater Gulf of Mexico has encountered more than 1,000 net feet of oil pay in multiple high-quality Lower Tertiary-aged reservoirs.

The Shenandoah-2 well, located in Walker Ridge block 51, was drilled to a total depth of 31,405 feet in approximately 5,800 feet of water, more than 1 mile southwest and approximately 1,700 feet structurally down-dip from the Shenandoah-1 discovery. Similar to the initial Shenandoah discovery well, log and pressure data from the Shenandoah-2 well indicate excellent-quality reservoir and fluid properties. The well was drilled to test the down-dip extent of the accumulation, and the targeted sands were full to base with no oil-water contact.

The Shenandoah-1 discovery well was drilled in early 2009 on Walker Ridge Block 52 and encountered more than 300 net feet of Inboard Lower Tertiary oil pay.

The operator and partners are incorporating the information obtained from Shenandoah-2 into planning and anticipate further appraisal drilling to advance this potentially significant resource discovery.

Marathon Oil holds a 10 percent working interest in Shenandoah. Partners include Anadarko Petroleum Corporation as operator (30 percent working interest), ConocoPhillips (30 percent working interest), Cobalt International Energy, L.P. (20 percent working interest), and Venari Resources LLC (10 percent working interest).

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Anadarko Has Talked With Exxon, Shell about Mozambique Gas Stake

Anadarko Petroleum Corp. has held early-stage talks with energy companies Exxon Mobil Corp. and Royal Dutch Shell PLC about selling a share of the U.S. oil firm's massive natural gas discoveries off the coast of Mozambique, a senior government official in the country said Thursday.

The discovery of trillions of cubic feet of natural gas offshore Mozambique by Anadarko and Italy's Eni SpA has piqued the interest of some of the world's leading energy companies, which are keen to get a foothold in an area well placed to serve energy-hungry Asian export markets.

Anadarko, an oil and gas exploration company based outside Houston, has said it wants to sell up to 10% of its share of the energy trove.

"We know of Shell speaking to Anadarko, and of talks with ExxonMobil," said the Mozambique official, who spoke on condition of anonymity. He said, however, that Anadarko's talks with the companies so far hadn't brought firm offers as this would have been communicated to the government.

Anadarko spokesman John Christiansen declined to say which potential buyers Anadarko was talking to.

"We've had a lot of interest from a lot of players--a lot of the majors are very interested," he added.

Exxon spokesman Alan Jeffers said: "We don't comment on potential business opportunities."

Shell declined to comment.

"They don't have to tell us which type of discussions; only when it is at a very, very advanced stage do they come to the government and see if we agree," said the Mozambique official. "We have always said a deal will be acceptable if the buyer satisfies the technical and financial requirements, that is all. It is up to the seller to decide."

While Anadarko and Eni have said they want to retain a share in the finds, both firms have sought out investors to allow them to bank some early profits and defray some of the costs of developing a giant liquefied natural gas plant to cool and ship the gas to Asia.

Eni Thursday announced a deal worth $4.21 billion to sell a 20% stake in its field to Chinese state-owned oil company China National Petroleum Corp.

Although Anadarko and Eni agreed in December to jointly develop an LNG plant, neither has extensive experience with building and operating LNG plants, which can cost up to 10s of billions of dollars. By contrast, Exxon and Shell are two of the world's leading LNG investors and shippers.

"Anadarko wants someone with LNG expertise," said the official.

For Shell, buying into Anadarko's license area would be its second attempt at getting a position in Mozambique. Last year, the Anglo-Dutch energy company was outbid by Thailand's PTT Exploration & Production, which snapped up Anadarko's junior partner in the field, London-listed Cove Energy, for $1.9 billion.

Ben Lefebvre in Houston contributed to this report.

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Anadarko Has Talked With Exxon, Shell about Mozambique Gas Stake

Anadarko Petroleum Corp. has held early-stage talks with energy companies Exxon Mobil Corp. and Royal Dutch Shell PLC about selling a share of the U.S. oil firm's massive natural gas discoveries off the coast of Mozambique, a senior government official in the country said Thursday.

The discovery of trillions of cubic feet of natural gas offshore Mozambique by Anadarko and Italy's Eni SpA has piqued the interest of some of the world's leading energy companies, which are keen to get a foothold in an area well placed to serve energy-hungry Asian export markets.

Anadarko, an oil and gas exploration company based outside Houston, has said it wants to sell up to 10% of its share of the energy trove.

"We know of Shell speaking to Anadarko, and of talks with ExxonMobil," said the Mozambique official, who spoke on condition of anonymity. He said, however, that Anadarko's talks with the companies so far hadn't brought firm offers as this would have been communicated to the government.

Anadarko spokesman John Christiansen declined to say which potential buyers Anadarko was talking to.

"We've had a lot of interest from a lot of players--a lot of the majors are very interested," he added.

Exxon spokesman Alan Jeffers said: "We don't comment on potential business opportunities."

Shell declined to comment.

"They don't have to tell us which type of discussions; only when it is at a very, very advanced stage do they come to the government and see if we agree," said the Mozambique official. "We have always said a deal will be acceptable if the buyer satisfies the technical and financial requirements, that is all. It is up to the seller to decide."

While Anadarko and Eni have said they want to retain a share in the finds, both firms have sought out investors to allow them to bank some early profits and defray some of the costs of developing a giant liquefied natural gas plant to cool and ship the gas to Asia.

Eni Thursday announced a deal worth $4.21 billion to sell a 20% stake in its field to Chinese state-owned oil company China National Petroleum Corp.

Although Anadarko and Eni agreed in December to jointly develop an LNG plant, neither has extensive experience with building and operating LNG plants, which can cost up to 10s of billions of dollars. By contrast, Exxon and Shell are two of the world's leading LNG investors and shippers.

"Anadarko wants someone with LNG expertise," said the official.

For Shell, buying into Anadarko's license area would be its second attempt at getting a position in Mozambique. Last year, the Anglo-Dutch energy company was outbid by Thailand's PTT Exploration & Production, which snapped up Anadarko's junior partner in the field, London-listed Cove Energy, for $1.9 billion.

Ben Lefebvre in Houston contributed to this report.

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Anadarko Executive Chairman James Hackett to Attend Harvard Divinity School

James Hackett, executive chairman and former chief executive of Anadarko Petroleum Corp. (APC), plans to attend Harvard Divinity School later this year.

Last year, he handed over the CEO role to President Al Walker. Mr. Hackett will hold the title of executive chairman until May.

Mr. Hackett, 59, is credited by analysts with turning Anadarko into one of the best-performing independent oil-and-gas producers during his eight-year tenure as CEO, with stakes in a number of attractive onshore and offshore oil-and-gas fields around the world.

"Jim Hackett will be attending Harvard Divinity School to become better prepared to write, speak and teach about faith and leadership, which has been a long-held interest of Jim's and one of the key reasons he is retiring from Anadarko," Anadarko spokesman John Christiansen said.

The Anadarko executive chairman declined an interview through a spokesman.

Mr. Hackett and his wife, Maureen O'Gara Hackett, have been long-time supporters of The University of St. Thomas, a Catholic liberal-arts university in Houston, as well as a number of other institutions.

"He was at the helm during the company's transformation from one that had a history of falling short of production targets to one with a reputation for being one of the stronger explorers in the industry," said Phil Weiss, an analyst with Argus Research Co.

Mr. Hackett was formerly the chief operating officer of Devon Energy Corp. (DVN) following its merger with Ocean Energy, where he served as chairman, president and CEO. He has also worked at Duke Energy Corp. (DUK), NGC Corp., Burlington Resources and Amoco Oil Co.

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Anadarko Executive Chairman James Hackett to Attend Harvard Divinity School

James Hackett, executive chairman and former chief executive of Anadarko Petroleum Corp. (APC), plans to attend Harvard Divinity School later this year.

Last year, he handed over the CEO role to President Al Walker. Mr. Hackett will hold the title of executive chairman until June.

Mr. Hackett, 59, is credited by analysts with turning Anadarko into one of the best-performing independent oil-and-gas producers during his eight-year tenure as CEO, with stakes in a number of attractive onshore and offshore oil-and-gas fields around the world.

"Jim Hackett will be attending Harvard Divinity School to become better prepared to write, speak and teach about faith and leadership, which has been a long-held interest of Jim's and one of the key reasons he is retiring from Anadarko," Anadarko spokesman John Christiansen said.

The Anadarko executive chairman declined an interview through a spokesman.

Mr. Hackett and his wife, Maureen O'Gara Hackett, have been long-time supporters of The University of St. Thomas, a Catholic liberal-arts university in Houston, as well as a number of other institutions.

"He was at the helm during the company's transformation from one that had a history of falling short of production targets to one with a reputation for being one of the stronger explorers in the industry," said Phil Weiss, an analyst with Argus Research Co.

Mr. Hackett was formerly the president and CEO of Devon Energy Corp. (DVN) following its merger with Ocean Energy, where he served as chairman, president and CEO. He has also worked at Duke Energy Corp. (DUK), NGC Corp., Burlington Resources and Amoco Oil Co.

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Report: Anadarko, Dhoot to Sell 20% of Mozambique Gas Block

U.S. oil-and-gas explorer Anadarko Petroleum Corp. and Indian billionaire Venugopal Dhoot will auction off 20% of a Mozambique gas field, Reuters news agency reported on its website Tuesday citing unnamed sources.

The sale could be worth $4.5 billion, the report said citing the sources who are familiar with the matter.

PetroChina and Exxon Mobil Corp. are among those expected to bid, the report said citing the sources. Royal Dutch Shell PLC is also looking, the report added.

First-round bids are due on March 14 after an information memorandum on the sale was sent to potential bidders in early February, the report quoted one of the sources saying.

Anadarko said last month it is looking to sell a 10 percent of the block--taking its stake to 26.5 percent.

Mr. Dhoot, who controls electronics conglomerate Videocon Group, wants about $2.5-$3 billion for 10%. Mr. Dhoot paid $75 million for his 10% Rovuma 1 stake in 2008.

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Report: Anadarko, Dhoot to Sell 20% of Mozambique Gas Block

U.S. oil-and-gas explorer Anadarko Petroleum Corp. and Indian billionaire Venugopal Dhoot will auction off 20% of a Mozambique gas field, Reuters news agency reported on its website Tuesday citing unnamed sources.

The sale could be worth $4.5 billion, the report said citing the sources who are familiar with the matter.

PetroChina and Exxon Mobil Corp. are among those expected to bid, the report said citing the sources. Royal Dutch Shell PLC is also looking, the report added.

First-round bids are due on March 14 after an information memorandum on the sale was sent to potential bidders in early February, the report quoted one of the sources saying.

Anadarko said last month it is looking to sell a 10 percent of the block--taking its stake to 26.5 percent.

Mr. Dhoot, who controls electronics conglomerate Videocon Group, wants about $2.5-$3 billion for 10%. Mr. Dhoot paid $75 million for his 10% Rovuma 1 stake in 2008.

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Anadarko Sets Capital Spending for 2013 at Up to $7.6B

Anadarko Petroleum Corp. unveiled capital spending plans for 2013 at $7.2 billion to $7.6 billion, as the energy producer seeks to put more funds into U.S. onshore and Gulf of Mexico projects.

The spending program is sharply higher than 2012's budget projections of $6.6 billion to $6.9 billion, which were disclosed last March.

"Following our highly successful 2012 exploration program where we nearly doubled our original targeted resources, we plan to be among the most active deepwater explorers in the world again in 2013," Chief Executive Al Walker said. "We expect to drill approximately 25 deepwater exploration and appraisal wells this year, including high-potential prospects in the Gulf of Mexico and three potentially play-opening international opportunities."

Anadarko plans to allocate most of its spending to U.S. onshore projects, accounting for 60% of the total budget, up from the 55% estimated for 2012. The company expects to increase U.S. onshore sales volumes by approximately 10% over last year, increasing sales of higher-margin oil volumes by approximately 30,000 barrels per day.

Gulf of Mexico projects are expected to take up 15% of the budget, up from 10% slated for 2012.

International projects should account for 15% of spending, down from the 25% set for last year.

Midstream and other spending will be 10%, the same level set for 2012.

Anadarko's operations in shale fields such as the Eagle Ford in south Texas and the Wattenburg in northeast Colorado have driven higher production in recent quarters. The company has also had a string of exploration successes off the coast of Mozambique.

The company this month said it swung to a fourth-quarter profit, compared with a prior year hit by charges tied to the 2010 Deepwater Horizon oil spill, though revenue declined as energy prices fell.

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