Oil and gas from shale fields now account for 10% of Anadarko Petroleum Corp.'s (APC) production, up from 1% just a few years ago, Chief Executive Jim Hackett said Tuesday.
Oil and gas from shale fields now account for 10% of Anadarko Petroleum
Corp.'s (APC) production, up from 1% just a few years ago, Chief Executive Jim
Hackett said Tuesday.
The Woodlands, Texas-based independent has operations in major shale fields
such as
South Texas
's Eagleford shale, the Marcellus in the
U.S.
northeast, and the Haynesville shale in
Louisiana
. The
company is in the midst of a production ramp-up led by increased offshore
drilling activity and by recent exploration successes in
Africa
and
the U.S. Gulf of Mexico, where the company's exploration efforts will
"return to pre-moratorium levels this year," Hackett said.
The company plans to drill around six exploration wells, Hackett added in a
conference call with investors. But the lead time necessary to complete the
wells will be "meaningfully" longer due to stricter new regulations,
Hackett added.
Several of the company's projects are reaching fruition this year. Hackett said
that Anadarko will see the first significant volumes from the El Merk project
in
Algeria
by
year-end 2012.
Also, first production is expected at the Caesar/Tonga development in the U.S.
Gulf of Mexico by mid-2012, which will help offset declining output at existing
Gulf properties by providing a "very nice bump" toward the middle of
the year, an Anadarko executive said.
Other projects are also advancing: first production at Lucius, a recent major
U.S. Gulf of Mexico discovery, is expected in 2014, Hackett said.
Amid a slump in natural gas prices, Anadarko is looking for opportunities to
utilize some of its drilling rigs currently drilling for natural gas in the
Marcellus shale in the neighboring, oil-rich
Utica
shale, but "the economics we still see in the Marcellus are good," an
executive said.
The company, which has put its
Brazil
assets on the block, has "just begun marketing our Indonesian assets"
as well, and some gas-producing properties in
South
Texas
, an Anadarko executive said.
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