Click here for printer friendly version (PDF) HOUSTON, Jun 30, 2005 (BUSINESS WIRE) -- Anadarko Petroleum Corporation (NYSE: APC) today
announced it has signed agreements for nominated capacity on a planned
expansion of the Maritimes & Northeast Pipeline (M&NP) system to
deliver volumes into Canadian and U.S. markets from Anadarko's Bear
Head liquefied natural gas (LNG) import terminal, which will be
constructed in Nova Scotia.
"This is a critical step in Anadarko's development of an
integrated LNG project," said Karl Kurz, Anadarko Senior Vice
President, Marketing and General Manager, U.S. Onshore. "With
transportation arrangements now secured into premier North American
natural gas markets, Anadarko has added value and visibility to the
project while we continue to move forward with LNG supply
negotiations."
M&NP's proposed expansion would allow their system to accommodate
Anadarko's initial Bear Head sendout capacity of 750 million cubic
feet per day to markets in eastern Canada and the U.S. Northeast. The
Bear Head terminal site on Point Tupper is approximately 35 miles from
the existing pipeline.
Anadarko acquired the Bear Head terminal project in August 2004.
Construction planning, site clearing and leveling, and construction of
access roads for the Bear Head terminal began in late 2004 to prepare
the site for major construction in 2005. In April, Anadarko entered
into an agreement with Horton CBI Limited for engineering services and
procurement of certain materials necessary for the construction of two
180,000-cubic-meter LNG storage tanks. Bidders also have been
short-listed to participate in the engineering, procurement and
construction (EPC) contract for the terminal, which is expected to be
awarded in late 2005.
First deliveries through the Bear Head terminal are targeted for
late 2008.
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 2004, the company had
2.37 billion BOE 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
exploration or production 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 such expectations will prove to have been
correct. A number of factors could cause actual results to differ
materially from the projections, anticipated results or other
expectations expressed in this news release. Such factors include the
ability to obtain access to upstream supplies of LNG on commercially
reasonable terms; competition for transportation capacity and market
demand; realized gas price assumptions to include regional basis
differentials and transportation charges; pipeline cost overruns;
capacity turnbacks impacting rates; changes in gas quality
specifications; gas supplies satisfying market demand prior to such
time as the Bear Head terminal is operational; the ability to respond
to challenges in international markets (including changes in currency
exchange rates); the potential exercise by M&NP of options to
terminate the transaction; the timely receipt of future U.S. and
Canadian regulatory authorizations by M&NP; and other factors and
risks identified in the "Regulatory Matters and Additional Factors
Affecting Business" section of the Company's Annual Report on Form
10-K and other public filings, press releases and discussions with
Company management. Anadarko undertakes no obligation to publicly
update or revise any forward looking statements.
SOURCE: Anadarko Petroleum Corporation
Anadarko Petroleum Corporation
Media Contacts:
Nadine Barber, 403-471-2564
nadine_barber@anadarko.com
Lee Warren, 403-231-0961
lee_warren@anadarko.com
or
Investor Contacts:
David Larson, 832-636-3265
david_larson@anadarko.com
or
Stewart Lawrence, 832-636-3326
stewart_lawrence@anadarko.com