HOUSTON--(BUSINESS WIRE)--May 6, 2003--Anadarko Petroleum
Corporation (NYSE:APC) announced today the installation and
commissioning of a new permanent production facility at Al Rayyan oil
field, offshore Qatar. Anadarko(a) is the operator of this field with
a 92.5 percent interest in an exploration/production sharing agreement
with the Government of Qatar.
The Al Morjan platform was constructed in Dubai and Sharjah in the
United Arab Emirates by Maritime Industrial Services Co. Ltd. The
construction took 15 months and included the refurbishment of a 6-leg
jack-up rig, fabrication and installation of new topsides, processing
facilities and living quarters for 50 personnel.
"Less than just one year since our entry in the Middle East as an
operator, we're pleased to have completed what is believed to be the
largest jack-up permanent production facility ever built in the Gulf
region," said Bill Sullivan, Anadarko Executive Vice President,
Exploration and Production. "We plan to expand our presence in the
area and are currently exploring high potential acreage in south Al
Rayyan, and in two other offshore blocks in Qatar."
On March 12, the completed platform was towed to the Al Rayyan
field and installed at its new location in Block 12. The new platform
has the capacity to process up to 45,000 barrels of oil per day and
will allow Anadarko to significantly increase production from Al
Rayyan field. The company is planning to drill exploration and
development wells in the block later this year, pending approval by
Qatar Petroleum.
Al Morjan replaces the Amina platform, which was installed as a
temporary early production facility. In addition to the Al Morjan
platform, the field has a permanently moored tanker, Pacific Jewel,
with a capacity of 1.3 million barrels that functions as a storage and
offloading facility.
Earlier today, His Excellency Abdullah Bin Hamad Al-Attiyah,
Minister of Energy and Industry, and several guests from Qatar
Petroleum visited Al Morjan platform to inspect the new facilities.
"Our congratulations go to Anadarko on the job they have done in
this short period. We are hopeful that this accomplishment is the
first of many achievements Anadarko is set to carry out in its
partnership with Qatar Petroleum," said H.E. Abdullah Bin Hamad
Al-Attiyah, Minister of Energy and Industry, Chairman of Qatar
Petroleum.
Anadarko is also active in two exploration blocks offshore Qatar.
The company operates Block 13 with a 92.5 percent interest and
Anadarko has a 49 percent interest in Block 11. During 2003, Anadarko
plans to acquire new seismic data in Block 13.
Anadarko acquired its position in Qatar through the acquisition of
Gulfstream Resources Canada Limited in 2001. In June 2002, Anadarko
purchased BP's 27.5 percent interest in Blocks 12 and 13 and assumed
operatorship on June 6, 2002. Preussag Energie holds the remaining 7.5
percent in Al Rayyan.
Anadarko Petroleum Corporation is one of the world's largest
independent oil and gas exploration and development companies.
Houston-based Anadarko is active in the U.S., Canada, Algeria and
Qatar and is executing strategic exploration programs in Oman,
Australia, North and West Africa and other countries. More information
is available at www.anadarko.com
(a) Interests in Qatar are owned by subsidiaries of Anadarko
Petroleum Corporation, one of which conducts operations referred to in
this release.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities and Exchange Act of 1934. Anadarko believes that its
expectations are based on reasonable assumptions. No assurance,
however, can be given that its goals will be achieved. A number of
factors could cause actual results to differ materially from the
projections, anticipated results or other expectations expressed in
this release. While Anadarko makes these forward-looking statements in
good faith, neither Anadarko nor its management can guarantee that the
anticipated future results will be achieved. Anadarko discloses proved
reserves that comply with the Securities and Exchange Commission's
(SEC) definitions. Additionally, Anadarko may disclose estimated
reserves, which the SEC guidelines do not allow us to include in
filings with the SEC. See Additional Factors Affecting Business in the
Management's Discussion and Analysis included in the company's 2002
Annual Report on Form 10-K.
CONTACT: Anadarko, Houston
Media Contacts:
Teresa Wong, 832/636-1203
or in Doha, Qatar May 6-7: (974) 444-6390
teresa_wong@anadarko.com
or
Lee Warren, 832/636-3321
lee_warren@anadarko.com
or
Investor Contacts:
Paul Taylor, 832/636-3471
paul_taylor@anadarko.com
or
David Larson, 832/636-3265
david_larson@anadarko.com
or
Stewart Lawrence, 832/636-3326
stewart_lawrence@anadarko.com
SOURCE: Anadarko Petroleum Corporation