By Anna Prior
Anadarko Petroleum Corp. (APC) discovered a new deep water Gulf
of Mexico oil play, as the company's Phobos-1 well entered about
250 net feet of high-quality oil.
The energy producer said the Phobos-1 well was drilled to a
total depth of 28,675 feet in roughly 8,500 feet of water, about 11
miles south of Anadarko's Lucius discovery, which is under
development.
The company said it is incorporating data from the Phobos well
to determine future activities.
"Phobos marks our third significant deep water success this
year," said Bob Daniels, senior vice president international and
deep water exploration.
The well is the company's first in the previously untested
Sigsbee Escarpment area of the Gulf of Mexico, said Mr. Daniels,
adding that the well's close proximity to the company's Lucius
project is expected to "further enhance the economics of this
potential future development."
Anadarko is the operator of the Phobos discovery with a 30%
working interest.
Co-owners include Plains Exploration & Production Co. (PXP)
with a 50% working interest and Exxon Mobil Corp. (XOM) with a 20%
working interest.
Anadarko's operations in shale fields such as the Eagle Ford in
south Texas and the Wattenberg in northeast Colorado have driven
higher production in recent quarters. The company has also had a
string of exploration successes off the coast of Mozambique.
Earlier this month, the company said it discovered a new
natural-gas field offshore Mozambique and said it had completed
drilling a well offshore Kenya.
Shares closed Wednesday at $83.32 and were inactive premarket.
The stock has risen 15% since the start of the year.
Write to Anna Prior at anna.prior@dowjones.com
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