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UPDATE 1-Anadarko makes large oil find in Gulf of Mexico
March 19, 2013 / 9:15 PM / 5 years ago

UPDATE 1-Anadarko makes large oil find in Gulf of Mexico

* Seen as “potentially giant” project

* Shares rise 1.4 percent post market

March 19 (Reuters) - U.S. oil and gas company Anadarko Petroleum Corp said on Tuesday it has discovered a large amount of oil at its Shenandoah-2 well in the deepwater Gulf of Mexico.

Anadarko has a large and active portfolio of deepwater oil and gas prospects in places including the Gulf of Mexico and Africa.

“The successful Shenandoah-2 well marks one of Anadarko’s largest oil discoveries in the Gulf of Mexico,” Bob Daniels, Anadarko’s head of exploration, said in a statement.

Log and pressure data from the appraisal well indicate excellent-quality reservoir and fluid properties and more drilling will be done to advance this “potentially giant project,” Daniels said.

The well, located in Walker Ridge block 51, was drilled to a total depth of about 31,405 feet in about 5,800 feet of water.

Anadarko is the operator at Shenandoah with a 30 percent interest in the prospect. ConocoPhillips also holds a 30 percent interest, Cobalt International Energy LP has a 20 percent interest and Marathon Oil Corp and Venari Resources LLC each have a 10 percent stake.

Shares of Houston-based Anadarko rose 1.4 percent to $84.50 in post-market trading.

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