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Anadarko's Exploration Pays Off

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June 22, 2011 – Comments (0) | RELATED TICKERS: APC

Oil, natural gas, and petroleum exploration projects can be costly and time consuming. They can either be those two things alone, or they could be successful and really pay off. In the case of Anadarko, their exploration project resulted in a discovery that has already paid off. The Trefis Team has compiled the details of the discovery.

 

Anadarko Petroleum Corporation plans to set up a natural gas processing unit in northern Mozambique. This new unit will allow the company to produce, liquefy and export the natural gas it extracts from the Rovuma basin deep waters – off Mozambique’s northern coast.

Anadarko’s operations director, John Peffer, added that the unit will produce at least a billion cubic feet of natural gas per day. [1] Anadarko is among the largest independent oil and gas exploration and production companies in the world and competes with ExxonMobilBPConocoPhillips and Chevron.

Natural Gas Production

Anadarko drilled six wells off the northern coast of Mozambique in the last five years and found gas in four of them. One of the wells also showed traces of oil, although the discovered quantity is not commercially viable for production. Anadarko has already invested about $750 million in exploring the region, which may increase to $3 billion by 2013. The installation of this new natural gas factory is expected to further boost investments to $15 billion by 2018. [1]"

 

Read the entire article here: http://turnkeyoil.com/2011/06/22/anadarkos-exploration-pays-off/

 

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