Anadarko Announces K2 Deepwater Gulf of Mexico Discovery

abarrelfullabarrelfull wrote on 21 Apr 2014 05:50

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Nov 17, 2003

Anadarko Petroleum Corporation (NYSE:APC) today announced a deepwater discovery in the Gulf of Mexico on Green Canyon Block 518 where Anadarko holds a 100 percent interest.

The Green Canyon 518 No.1 well was spudded in July 2003 in about 4,000 feet of water and encountered a total of 128 feet of net oil pay in the same pay zone present at Anadarko's K2 discovery. The well was drilled to a total depth of more than 26,700 feet and is the deepest offshore well drilled in Anadarko's history.

The company plans to immediately drill another well on Green Canyon Block 518 to further delineate the field.

The successful deepwater subsalt exploratory well, located about 150 miles south of New Orleans and just north of K2, is expected to come on-line as early as 2005 through a sub-sea tieback to the Marco Polo platform. Offshore installation of the Marco Polo tension-leg platform (TLP) is underway with first production scheduled for March or early April 2004.

"Anadarko's Green Canyon discovery is exciting because it significantly extends the boundaries of the K2 field northward," said Mark Pease, Vice President, U.S. Onshore and Offshore. "We'll be able to book proved reserves this year for the 518 No. 1 well, and this discovery opens up even more reserve potential on the block. This additional potential will be defined through further drilling. And, we have other prospects in the area, including Genghis Khan, another 100 percent Anadarko prospect that could be drilled early next year.

"Anadarko discovered the Marco Polo field in 2000. Since then, we've entered into an innovative partnership to build a facility capable of handling production from Marco Polo and other discoveries in the region. By going back through Marco Polo, Green Canyon 518 will come on production much sooner with stronger economics than using a more traditional development strategy," Pease added.

Anadarko and its partners have drilled three successful wells in the K2 field on the southern adjacent block, Green Canyon Block 562. Anadarko holds a 52.5 percent working interest in that project.

Anadarko currently has access to 552 blocks in the Gulf of Mexico; 299 of those are in deepwater.

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