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Anadarko plans Canadian capital spending this year of $270 million

By the OGJ Online Staff

HOUSTON, Feb. 11 -- Anadarko Petroleum Corp., Houston, plans 2002 Canadian capital spending of $270 million (US).

Nearly a third of the budget is earmarked for exploration in Northeast British Columbia, Central and Northern Alberta (the Deep basin), and the southern Northwest Territories.

Anadarko will drill 50 exploration wells, focusing on natural gas.

The company will spend $190 million on development projects that will increase reserves and production in Northeast British Columbia and the Deep basin. Development programs will continue in the heavy oil area of Northeast Alberta and shallow gas fields of Southwest Saskatchewan. Anadarko will drill 380 development wells.

In 2001, Anadarko said, it achieved a 92% drilling success rate on 488 Canadian wells spudded during the year. It also more than doubled its acreage position to 4.9 million net acres at yearend, compared with year-end 2000.

The company also reported several Western Canadian discoveries during the year.

In Northeast British Columbia, the Sahtenah b-83 discovery well flowed at a rate of 9.7 MMcfd. The well is expected to be on production early in the second quarter.

The Adsett b-82-G, a Slave Point discovery also in Northeast British Columbia, tested at 4.8 MMcfd of gas before stimulation. It is expected to be on stream in mid-February at a planned rate of 4 MMcfd.

In the Saddle Hills area of northern Alberta, the 15-28 discovery well tested at 5.6 MMcf/d of gas and is expected to begin producing in the first quarter.

Anadarko holds 100% of all three of these discovery wells.


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