Independent oil and gas producer Anadarko Petroleum Corp. (APC) said Wednesday that the Jubilee oil discovery offshore Ghana is economic at $25 a barrel.

Speaking in a presentation to analysts, Anadarko's senior vice president for exploration, Bob Daniels, said the work in the field is "on time and on budget."

Anadarko said Jubilee remains on schedule to start production in the fourth quarter of 2010. The company owns a sizable stake in Jubilee, a discovery that is estimated to hold 1.8 billion barrels of oil. Exxon Mobil is vying for the stake of one of Anadarko's partners in the field, Kosmos Energy, in a deal that could be worth $4 billion.