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LONDON--(BUSINESS WIRE)--Nov. 2, 2004--Anadarko Petroleum
Corporation (NYSE:APC) announced today that its subsidiary, Anadarko
Indonesia Company, has been awarded exploration and production rights
to North East Madura III Block in Indonesia's fourth licensing round.
The approximate 1 million acre offshore block is 50 miles north of
Madura Island and 150 miles northeast of Java in water depths of
approximately 150 to 250 feet. Anadarko will operate the block with a
100 percent working interest.
Under terms of the standard Production Sharing Contract to be
entered into with BPMIGAS by year end, Anadarko will undertake a
six-year exploration phase and 20-year production phase. During the
initial three-year work program Anadarko plans to acquire a minimum of
2,560 square kilometers of 3D seismic and drill six exploration wells.
"Exploration for oil and gas in Indonesia is a growth opportunity
for Anadarko," said Anadarko Senior Vice President, Exploration and
Production, Bob Daniels. "Following our analysis of an extensive 3-D
seismic survey covering most of the block, as well as our in-depth
regional evaluation, we are encouraged by its potential and we look
forward to pursuing additional exploration and production
opportunities in Indonesia to complement this acreage."
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 2003, the company had
2.5 billion barrels of oil equivalent 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 smaller production or exploration positions in several
other countries. For more information about how Anadarko is bringing
excellence to the surface, please visit: www.anadarko.com.
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 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. See Regulatory Matters
and Additional Factors Affecting Business in the Management's
Discussion and Analysis included in the company's 2003 Annual Report
on Form 10-K.
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CONTACT: Anadarko Petroleum Corporation
Rachel Moore, +44 (0)1895 209580
Lee Warren, 832-636-3321
David Larson, 832-636-3265
Stewart Lawrence, 832-636-3326
SOURCE: Anadarko Petroleum Corporation