Anadarko strikes again

One Gulf of Mexico discovery just wasn’t enough for Anadarko this week.

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On the heels of announcing its Heidelberg discovery on Monday, Anadarko today unveiled another find in deeper waters. The company found net oil pay approaching 300 feet in the Wilcox formation more than 200 miles southwest of New Orleans. Heidelberg is to the north of Shenandoah.
Anadarko aims to keep the drill bit running at other Gulf prospects this year as well.
Shenandoah is in about 5,750 feet of water and was drilled to 30,000 feet. Anadarko’s partners in the prospect are ConocoPhillips, Cobalt International Energy and Marathon Oil.
Simmons & Company International says it’s too early to ascribe a value and current commodity prices might challenge the economics of Shenandoah. However, analysts at the firm say the find adds to Anadarko’s slew of deepwater opportunities “and material upside when commodities begin to recover.”

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