Business News of Wednesday, 4 August 2010

Source: WSJ

Jubilee Project On Time To Start Output By Year End

Anadarko Petroleum Corp. (APC) said Wednesday its three mega projects continue to progress on schedule, with its giant Jubilee oilfield in Ghana expected to start production by year end.

Speaking to analysts in a conference call, Anadarko Chief Executive Jim Hackett said production at the Caesar-Tonga project in the Gulf of Mexico is expected to achieve first production by the middle of 2011.

"We're hopeful to receive the necessary permits to perform completions on our three wells later this year, Hackett said.

In Algeria, the El Merck project is about 50% completed and first production is scheduled around the end of 2011, Hackett said.

Houston-based Anadarko expects these three projects to add in total about 60,000 barrels of oil equivalent per day by 2012.