Anadarko to join Chevron in GoM wells

Offshore staff

Anadarko Petroleum Corp. will join Chevron Corp. in drilling four deepwater Gulf of Mexico prospects. Under this agreement, Anadarko will pay a share of the drilling costs to earn a 20 to 25% working interest in two appraisal wells and two exploration wells, scheduled for completion by 2006. Anadarko will also have rights in 29 deepwater Gulf of Mexico blocks.

The two appraisal wells, Tonga (Green Canyon block 727) and Sturgis (Atwater Valley block 138), will evaluate the existing discoveries, as well as additional exploration potential identified in these areas. The two planned exploration wells are Turtle Lake (Green Canyon block 847) and Caterpillar (Mississippi Canyon block 782), which are in close proximity to Chevron's Blind Faith discovery. Chevron will operate all four wells using drilling rigs already under contract. Caterpillar is expected to spud within the next two months.

In a separate transaction with another company, Anadarko gained a 15% working interest in Chevron's Big Foot prospect currently drilling on Walker Ridge block 29. Anadarko has interests in 270 deepwater blocks in the Gulf of Mexico.

08/17/05