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Anadarko's Marco Polo Platform Resumes Production in Gulf Of Mexico

Posted on: Tuesday, 6 September 2005, 12:00 CDT

Anadarko Petroleum Corporation (NYSE:APC) announced that the Marco Polo platform resumed production on Sunday evening (Sept. 4) and is producing approximately 20,000 barrels of oil equivalent per day, its normal production rate before being shut down Aug. 27. It is Anadarko's only Gulf of Mexico production and accounts for approximately 3 percent of the company's expected 2005 production. The Marco Polo platform, located at Green Canyon block 608, is operated by Anadarko and owned by Enterprise Products Partners L.P. (NYSE:EPD) and CalDive International (NASDAQ:CDI).

The following is an update on Anadarko's other Gulf of Mexico exploration and development operations:

-- The Ensco 7500 drilling rig assigned to the Genghis Khan field on Green Canyon (GC) 652, the Noble Paul Romano rig assigned to the K2 North field (GC 518) and Transocean's Deepwater Millennium drillship assigned to the Daredevil prospect (Lloyd Ridge 95) sustained no material damage and have resumed operations following brief shut-downs for the storm. Anadarko is operator with 100 percent working interests in all three blocks.

-- Global Santa Fe's Celtic Sea drilling rig at the K2 field (GC 562), operated by ENI, sustained minimal damage to its moorings and is expected to resume operations before the end of September.

-- Anadarko also has interests in three non-operated exploration wells. Rigs assigned to the Unocal-operated Knotty Head prospect (GC 512) and the Chevron-operated Big Foot prospect (Walker Ridge 29) have resumed operations, but the rig assigned to the Shell-operated Pathfinder prospect (GC 390) is undergoing damage assessment.

"With only relatively minor delays at the key deepwater exploration and development projects Anadarko operates, we feel fortunate to have avoided any significant operational impact or personal injuries from Katrina's devastating force," Mark Pease, senior vice president, exploration and production, said. "The company and our employees, in addition to restoring vitally needed energy supplies to the market, are also focusing on what we can do as neighbors and concerned citizens to aid the victims of this tragedy."

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 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 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 2004 Annual Report on Form 10-K.

Source: Business Wire

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