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HOUSTON, Jul 26, 2005 (BUSINESS WIRE) -- Anadarko Petroleum Corporation (NYSE:APC)
-- EXPLORATION JOINT VENTURE AGREEMENT REACHED WITH MEDCO ENERGI
-- PROVIDES ANADARKO ACCESS TO NEARLY 8 MILLION ACRES ON &
OFFSHORE INDONESIA
Anadarko Petroleum Corporation (NYSE:APC) has significantly
increased its access to exploration acreage in Indonesia through an
exploration joint venture agreement with Medco Energi International,
Indonesia's largest independent exploration and production company.
Under the agreement, Anadarko subsidiaries are gaining access to
13 production sharing contracts totaling 7.8 million acres onshore and
offshore Sumatra, Kalimantan, Sulawesi, Java and Papua. Anadarko has
committed to a three-year work program to fund exploration activities
at a cost of U.S. $80 million, subject to the satisfaction of certain
conditions. Anadarko has the opportunity to earn up to a 40 percent
interest in each production sharing contract where a successful
exploration well is drilled at Anadarko's cost and a plan of
development is approved.
"Anadarko is very pleased to have reached this joint venture
because it provides access to a large amount of highly prospective
acreage in prolific basins across Indonesia where we look forward to
applying our proven exploration expertise," said Bob Daniels, Anadarko
Senior Vice President, Exploration & Production. "Medco Energi is a
very experienced Indonesian operator, and this agreement, coupled with
the offshore block we are currently exploring, strengthens Anadarko's
commitment to the region and provides Anadarko a stronger foothold
from which to explore in a proven hydrocarbon province."
In December 2004, Anadarko was awarded exploration and production
rights to the North East Madura III (NEM III) Block by the Government
of Indonesia. Anadarko recently opened an office in Jakarta, Indonesia
and is preparing to drill the initial two wells on the NEM III block.
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 barrels of oil equivalent of proved reserves, making it
one of the world's largest independent exploration and production
companies. Anadarko's operational focus in North America 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 presentation. 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
SEC's definitions. Additionally, Anadarko may refer to potential
resources and net risked resource potential, which are inherently more
uncertain than proved reserves and are not allowed to be included in
filings with the SEC. See "Regulatory Matters and Additional Factors
Affecting Business" in the Management's Discussion and Analysis (MD&A)
included in the company's Annual Report on Form 10-K.
SOURCE: Anadarko Petroleum Corporation
Anadarko Petroleum Corporation, Houston
Media Contacts:
Teresa Wong, 832-636-1203 (Houston)
teresa_wong@anadarko.com
or
Rachel Moore, 44-1895-209-580 (London)
rachel_moore@anadarko.com
or
Investor Contacts:
David Larson, 832-636-3265
david_larson@anadarko.com
or
Stewart Lawrence, 832-636-3326
stewart_lawrence@anadarko.com