Anadarko's Gulf of Mexico Tarantula Discovery Moves Forward; Pardner Production to Begin in June; Marco Polo on Schedule

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Feb 20, 2003

Anadarko Petroleum Corporation (NYSE:APC) has authorized the construction of an $86 million production platform for its Tarantula discovery on South Timbalier Block 308 in the Gulf of Mexico.

The fixed four-leg platform will have a capacity of 100 million cubic feet per day (MMcf/d) of natural gas and 30,000 barrels per day (b/d) of oil. Anadarko expects first production to begin in the fourth quarter of 2004.

"The Tarantula discovery is in relatively shallow water and very economical to develop. It's the kind of bread-and-butter project we like for a balanced portfolio of properties," said John Seitz, Anadarko President and CEO.

The Tarantula sub-salt discovery well was drilled in July 2001 in 480 feet of water to a depth of about 18,000 feet. Since then, three successful offset wells have been drilled. The four wells have encountered — on average — 117 feet of net pay. Anadarko holds a 100 percent working interest in the field.


The Pardner discovery well (Mississippi Canyon Blocks 400 and 401) was drilled in December 2001 in about 1,100 feet of water to a depth of 8,200 feet. Construction is nearing completion on a sub-sea tieback to a facility located on West Delta Block 152, operated by another company. A sub-sea tree has been installed, and production is expected to come online in June 2003 at a rate of about 3,000 b/d of oil.

Anadarko holds a 100 percent working interest in the Pardner field.

Marco Polo

"Marco Polo continues to get better and more economic as we proceed with its development," Seitz said.

Six successful delineation wells have been drilled on Anadarko's Marco Polo field, located on Green Canyon Block 608 in 4,300 feet of water. The majority of the wells have encountered better-than-expected reservoir thickness, with average net pay of 292 feet.

The Marco Polo tension-leg platform (TLP) is under construction and on schedule for installation in late 2003. The topsides structural fabrication is being performed by Kiewit Offshore Services in Ingleside, Texas, and is approximately 45 percent complete. The TLP hull is being constructed by Modec International in South Korea and is approximately 75 percent complete. First production is expected to begin on schedule in the first quarter of 2004. Anadarko holds a 100 percent working interest in the Marco Polo field.

The TLP will be owned by El Paso Energy Partners and Cal Dive International, and operated by Anadarko. It is being designed to process 120,000 b/d of oil and 300 MMcf/d of natural gas. Anadarko will have firm capacity of 50,000 b/d and 150 MMcf/d. The remainder of the platform capacity will be available to Anadarko for additional production and/or to third parties that have activity in the area.

Anadarko's K2 discovery, located on nearby Green Canyon Block 562, is currently being considered for sub-sea tieback to Marco Polo, which could mean first production from K2 in early 2005.

Anadarko currently owns an interest in 372 blocks in the Gulf of Mexico, with an option to earn working interests in an additional 131 blocks. The company's current offshore production is about 11,500 b/d of oil (net) and 181 MMcf/d of natural gas (net).

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