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Anadarko Petroleum Corporation (APC - Analyst Report) announced that it has made a natural gas discovery in Offshore Area 1 of Mozambique's Rovuma Basin. The Golfinho discovery well encountered a total of more than 193 net feet (59 net meters) of natural gas play in two high-quality Oligocene fan systems.
The new discovery is located 20 miles (32 kilometers) to the northwest of the Prosperidade complex. This new discovery followed the one made at the Prosperidade complex in Offshore Area 1 of Mozambique with recoverable natural gas resources of 17 to 30 trillion cubic feet (“Tcf”).
The new well was drilled at a depth of 14,885 feet (4,537 meters) in 3,370 feet (1,027 meters) of water. This discovery is expected to add 7 to 20 Tcf of recoverable resources over a period of time.
Anadarko operates jointly with five other companies in Offshore Area 1 of Mozambique and has a working interest of 36.5%. The working interests of the other co-owners are as follows: Mitsui E&P Mozambique Area 1, Limited (20%), Empresa Nacional de Hidrocarbonetos, ep (15%), BPRL Ventures Mozambique B.V. (10%), Videocon Mozambique Rovuma 1 Limited (10%), and Cove Energy Mozambique Rovuma Offshore, Ltd. (8.5%).
The consortium is planning to drill further to evaluate the newly discovered prospect and carry on its exploration activities in the southern and northern part of Offshore Area 1. After completing the work at Golfinho, the partnership is planning to mobilize the Belford Dolphin drillship to spur exploration activity at the Atum-1 exploration well.
Anadarko has been operating in Mozambique with drilling success in Lagosta and Camarão. It is continuously improving its overall portfolio on the back of its drilling successes in Mozambique, Gulf of Mexico and Ghana. Recently, Anadarko teamed up with Linn Energy, LLC (LINE - Snapshot Report) to develop the Salt Creek field in Wyoming's Powder River Basin.
At present, global oil and gas companies are teaming up with local players to discover the unexplored reserves in Asia and Africa and Anadarko has also joined this international bandwagon. Besides Mozambique, the company is expanding its operations at Deepwater Tano and West Cape Three Points in Ghana, and Block SL-07B-11 in Sierra Leone.
There has been a surge in natural gas demand given its clean-burning nature. We expect that the power generation companies will use natural gas as fuel in place of coal, thus increasing its consumption.
Anadarko Petroleum Corporation currently retains a Zacks #3 Rank, which translates into a short-term Hold rating.
The Woodlands, Texas-based Anadarko Petroleum Corporation is primarily engaged in the exploration, development, production, gathering, processing and marketing of natural gas, crude oil, condensate and natural gas liquids.