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|Anadarko Brings New Offshore Qatar Facility Online|
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 firstname.lastname@example.org or Lee Warren, 832/636-3321 email@example.com or Investor Contacts: Paul Taylor, 832/636-3471 firstname.lastname@example.org or David Larson, 832/636-3265 email@example.com or Stewart Lawrence, 832/636-3326 firstname.lastname@example.org SOURCE: Anadarko Petroleum Corporation