Anadarko Petroleum said it is the largest producer in the oil-rich Eagle Ford Shale in south Texas after boosting its production there in the fourth quarter sixfold compared with the same period in 2009. The company said drilling in shale plays such as Eagle Ford is now highly profitable due to higher oil prices.
Texas-based Anadarko (APC) said it produced 643,000 barrels of oil equivalent per day in 2010. The company added that about 75% of its Eagle Ford production is oil. In Eagle Ford, Anadarko has identified more than 2,000 well sites and it plans to ramp up to 10 rigs by the end of the first quarter of from two rigs at the beginning of 2010, according to Dow Jones.
Anadarko said it is working towards completing talks on a joint venture in Eagle Ford with an undisclosed partner. The company did not give a time frame for when an announcement on the joint venture will be made. Anadarko added that its Jubilee field in Ghana is currently producing around 50,000 barrels of oil per day from four wells and that the company expects ramp up output to a capacity of around 120,000 barrels per day by the middle of this year, Dow Jones reported.
Anadarko, the owner of a 25% non-operating interest in the Macondo well project, reported a decline in fourth-quarter profits Monday after the close of U.S. markets.