HOUSTON and ANCHORAGE, Alaska, Feb. 19 /PRNewswire/ -- Anadarko Petroleum
Corporation (NYSE: APC) announced today that BP Exploration (Alaska) Inc. will
join Anadarko and Alberta Energy Company Ltd. (AEC) in a natural gas
exploration venture on more than 3 million acres in the foothills region on
Alaska's North Slope.
BP acquired a one-third interest in Anadarko's exclusive agreement with
Arctic Slope Regional Corporation covering approximately 3.1 million acres.
In exchange, Anadarko received from BP a material interest in a satellite
prospect near Prudhoe Bay and an interest in selected seismic surveys
conducted by BP on the North Slope. As part of the trade, BP will purchase a
one-third interest in approximately 230,000 acres of state leases jointly
acquired by Anadarko and AEC at the North Slope area wide lease sale in
November 2000. AEC will retain its one-third interest. The purchase amount
was not disclosed.
"Anadarko is actively searching for natural gas on the North Slope, and we
see a lot of potential there to help meet the increased demand for natural gas
in the Lower 48," said John N. Seitz, Anadarko President and Chief Operating
Officer. "BP is already a major producer on the Slope, and we're proud to be
partnering on these efforts with both BP and AEC."
The joint exploration effort is already under way and includes several
seismic surveys this year. Anadarko is the operator and each company holds a
one-third interest in the joint program.
The exploration territory is located in the foothills area of the Brooks
Range region of Alaska's North Slope, south of the existing producing fields,
and stretches east-west for approximately 250 miles from the Colville River to
the Canning River.
Anadarko entered into the agreement to explore this region with the Arctic
Slope Regional Corporation in 1998. AEC joined Anadarko in the venture in
2000 and became a one-third partner.
Houston-based Anadarko Petroleum Corporation is the world's largest
independent E&P company, with proved reserves totaling 2.06 billion barrels of
oil equivalent. Domestically, it has operations in Texas, Louisiana, the Mid-
Continent and Rocky Mountain regions, Alaska and in the shallow and deep
waters of the Gulf of Mexico. Anadarko currently is the most active driller
in North America. Internationally, it is active in Canada, Algeria, Tunisia,
West Africa, Guatemala, Venezuela, Brazil, Georgia, the North Atlantic and
Australia.
For Anadarko investor information please call:
Paul Taylor 281-874-3471
David Larson 281-874-3265
This news release contains forward-looking statements and projections made
in reliance of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Anadarko believes that these forward-looking statements
are based on current, reasonable and complete information and assumptions.
However, a number of factors could cause actual results to differ materially
from the projections, anticipated results or other expectations expressed in
this release. While Anadarko makes these forward-looking statements in good
faith, neither Anadarko nor its management can guarantee that the anticipated
future results will be achieved. Reference should be made to Anadarko's
Securities and Exchange Commission filings for additional important factors
that may affect actual results, including the section entitled "Additional
Factors Affecting Business" in the Management's Discussion and Analysis (MD&A)
included in the company's 1999 Annual Report on Form 10-K.
http://www.anadarko.com
http://www.bp.com
http://www.aec.ca
SOURCE Anadarko Petroleum Corporation and BP Exploration
(Alaska) Inc.
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Related links:
http://www.aec.ca
http://www.bp.com http://www.anadarko.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19990430/ANADARKOLOGO
PR Newswire Photo Desk, 888-776-6555 or 201-369-3467
Company News On-Call:
http://www.prnewswire.com/comp/038950.html or fax,
800-758-5804, ext. 038950
CONTACT:
Teresa Wong, Houston, 281-873-1203, or Mark
Hanley, Alaska, 907-563-9464, both of Anadarko Petroleum
Corporation; or Ronnie Chappell of BP Exploration [Alaska] Inc.,
Alaska, 907-564-5404
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