Anadarko Begins Production from Marco Polo Field in Gulf Of Mexico

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July 19, 2004

Anadarko Petroleum Corporation (NYSE:APC) today announced it has begun production from three wells at its Marco Polo field. The first two wells have produced a combined flow rate of 15,300 barrels of oil equivalent (BOE) per day and are continuing to ramp up. A third well was placed on production over the weekend. The remaining three wells are scheduled to be on-line by early 2005.

Anadarko made the Marco Polo deepwater discovery on Green Canyon Block 608 in April 2000 and holds 100 percent working interest. The company expects the field to reach peak daily production of 50,000 BOE once all six wells are on line.

"Clearly, we're excited to achieve first production at Marco Polo, and we look forward to continuing our commitment to deepwater exploration and the development of new energy sources," Anadarko President and CEO Jim Hackett said. "Deepwater is a significant component of Anadarko's strategy that will drive our company's growth for years to come.

"In fact, since making our Marco Polo discovery, Anadarko has aggressively explored the Green Canyon area with excellent results," Hackett said. "In September 2002, Anadarko and our partners discovered the K2 field, and in November 2003, Anadarko discovered the K2 North field. Both projects will be tied back to the Marco Polo platform and are expected to begin production in 2005."

Anadarko operates the platform, which has production capacity of 120,000 barrels of oil per day and 300 million cubic feet of gas per day. GulfTerra Energy Partners (NYSE:GTM) and Cal Dive International (Nasdaq:CDIS) own the platform structure.

Anadarko currently has access to 298 deepwater blocks in the Gulf of Mexico. Anadarko holds 52.5 percent working interest in the K2 field and 100 percent working interest in the K2 North field.

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