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Anadarko Petroleum’s unprecedented exploration success has left the US oil and gas producer with the challenge of developing a string of big projects on time and on budget. The company announced nine deepwater discoveries in 2009 – big discoveries in key areas, such as the US Gulf of Mexico, Brazil and along the newly found oil coast stretching from Ghana to Sierra Leone.
Each of these could easily cost billions of dollars to bring on production if appraisal activity determines they are large enough to be commercially developed. They are the long-life assets coveted by the world’s biggest oil companies, who have pulled back from exploration to focus on managing big projects, such as liquefied natural gas, or buying assets discovered by others.
This has stoked rumors Anadarko is being targeted by companies such as Royal Dutch Shell and Chevron looking to acquire future production, following ExxonMobil’s decision in December to buy XTO Energy for $31bn in stock and $10 in XTO debt. Read more