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Anadarko Finds High Quality Oil in Gulf of Mexico

Anadarko Petroleum Corporation (NYSE: APC) today announced its Phobos-1 well in the deepwater Gulf of Mexico encountered approximately 250 net feet of high-quality oil pay in Lower Tertiary-aged reservoirs.

“Our 2013 Gulf of Mexico exploration program is off to an outstanding start, as Phobos marks our third significant deepwater success this year,” Anadarko Sr. Vice President International and Deepwater Exploration Bob Daniels said. “Phobos is our first well in the previously untested Sigsbee Escarpment area of the Gulf of Mexico and successfully tested a significant four-way structure in the Lower Tertiary. Phobos’ close proximity to our Lucius project is expected to further enhance the economics of this potential future development.”

The Phobos discovery, located in Sigsbee Escarpment block 39, was drilled to a total depth of 28,675 feet in approximately 8,500 feet of water, approximately 11 miles south of Anadarko’s Lucius discovery, which is under development. Anadarko currently is incorporating the data from the Phobos well to determine future activities.

Anadarko is the operator of the Phobos discovery with a 30-percent working interest. Other co-owners in Phobos are Plains Exploration & Production Company with a 50-percent working interest and Exxon Mobil Corporation (NYSE: XOM) with a 20-percent working interest.

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USA: Shell Sells Stake in Holstein Field to PXP for USD 560 Mln

Royal Dutch Shell plc announced it has agreed to sell its 50% working interest in the Holstein Field, comprised of Green Canyon Blocks 644, 645 and 688 in the Gulf of Mexico, to Plains Exploration & Production (PXP) for approximately $560 million, subject to closing.

Shell received an unsolicited offer from PXP for Shell’s working interest. The transaction is effective October 1, 2012 and is expected to close by year-end 2012.

Holstein is a mature deepwater asset and the sale is consistent with Shell’s continuing practice of reviewing our existing portfolio and evaluating new opportunities.

The Holstein Unit is centered on a spar platform anchored in 1350 meters (4400 feet) water depth and first produced in December 2004. Shell’s 50% interest represents about two percent of the company’s overall Gulf of Mexico net production and had a 30-day net average production of 7.4 kboe/d prior to Hurricane Isaac.

Shell retains a major Gulf of Mexico presence and is a leading deepwater producer. The company recently noted three successful appraisal wells at the Appomattox and Vito fields, which are expected to begin producing in the second half of the decade.

Subsea World News – USA: Shell Sells Stake in Holstein Field to PXP for USD 560 Mln.

Lucius: Deepwater Gulf of Mexico

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Located in the deepwater Gulf of Mexico on Keathley Canyon Blocks 874, 875, 918 and 919 (Lease OCS-G-21444) in a water depth of 7,126 feet (2,172 meters) is the Lucius oil and gas field. Acquired by Anadarko, formerly Kerr-McGee, at the Western GOM Lease Sale No. 174 in 2005, the company holds a 35% interest in the field. Co-owners in the discovery include Plains Exploration & Production PEP 23.33%; Anadarko 35%; ExxonMobil 15%; Petrobras 9.6%; and Eni 5.4%

A discovery was made at the Lucius prospect in December 2009. The discovery well encountered more than 200 feet (61 meters) of net pay in subsalt Pliocene and Miocene sands. Lucius was drilled to a total depth of about 20,000 feet (610 meters) by the ENSCO 8500 semisub.

A sidetrack appraisal well was then drilled in January 2010, encountering almost 600 net feet (183 meters) of high quality oil pay with additional gas-condensate pay in thick subsalt sands. Drilled as an up-dip sidetrack roughly 3,200 feet (975 meters) south of the discovery well, the appraisal well reached a total depth of 20,600 feet (6,279 meters) in 7,100 feet (2,165 meters) of water.

Field Development

Anadarko sanctioned the development on Dec. 15, 2011. The development plan calls for six producing wells connecting to a truss spar with a production capacity of 80,000 bopd and 450 MMcf/d of natural gas.
The spar is currently being constructed at Technip’s facility in Pori, Finland. Drilling will begin in 2012 with first production slated for 2014.

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