Anadarko Makes Mozambique Oil Find
By Gordon Wilcox
August 18, 2010 12:32 AM
August 18, 2010 12:32 AM
Symbols: APC
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Anadarko Petroleum (NYSE: APC), the second-largest U.S. independent oil and natural gas.gif)
producer, said it made what is believed to be the first deepwater oil discovery off the coast of the East African country of Mozambique.
producer, said it made what is believed to be the first deepwater oil discovery off the coast of the East African country of Mozambique.
Texas-based Anadarko said the find probably won't be commercially developed, but the company will use data from the discovery to evaluate the potential for additional discoveries in the region.
Anadarko's Ironclad well encountered about 125 feet (38 meters) of sands saturated with crude and natural gas, according to Bloomberg News. The company made a significant natural gas find in Mozambique earlier this year.
Anadarko's partner on the project is Cove Energy Plc of the U.K.
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