Anadarko invests in Canada

Anadarko Petroleum Corporation has announced details of a CAD 540 million 2003 capital spending programme for its Canadian operations. Approximately 70% is earmarked for development and 30% for exploration. The company’s peak rig count is expected to reach 20 rigs in the first quarter. Anadarko Canada plans to drill 322 development and 43 exploration wells this year. This program is expected to increase production by more than 10% during 2003, after adjusting for the effect of the sale in 2002 of heavy oil producing properties. Total production from Canada is expected to reach approximately 33 million barrels of oil equivalent for 2003 – roughly 16% of Anadarko’s projected company-wide production for the year. Growth is expected to come mainly from Saddle Hills, where Anadarko recently drilled another natural gas discovery; the Slave Point trend of NE British Columbia, where eight discoveries were made in 2002; the Wild River area of the Deep Basin in Alberta; and from several tight-gas plays in the Western Canadian Sedimentary Basin.
In the deep basin tight gas play in Alberta, Anadarko plans to drill two exploration and 41 development wells in 2003, which are expected to double daily production from this area. The company is also other gas plays in Canada, including the Hatton shallow gas field in SW Saskatchewan and the Halfway River play of NE British Columbia. Anadarko plans to drill nine exploration and seven development wells this year in the Slave Point play. Of those wells, five exploratory and two development wells are planned in the Adsett area, where Anadarko drilled two successful exploratory tests in 2002. Anadarko has allocated CAD 68 million for the Slave Point play, with more than half designated for drilling.
In the foothills of NE British Columbia, delineation drilling is also planned in the Monkman area, where Anadarko and its partners announced a gas discovery last year. One delineation well is currently drilling, and eight additional prospects are under evaluation for 2003.

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