Anadarko highlights Ghana operations

Oil exploration firm, Anadarko, plans to use Ghana as a launch pad for its West Africa operations where it currently holds exploratory projects in Sierra Leone, Liberia and Cote d’Ivoire. International business accounted for 11% of the company’s total sales volumes in 2010, and one quarter of its 2011 oil and gas budget is allocated to pursuing international exploration and production. As at December 2010, 16 wells had been drilled by Anadarko and its partners in the Jubilee Field of Ghana with one additional well to be drilled later in 2011.

The company awaits the approval of a plan of development for the Mahogany East Field after submitting a declaration of commerciality in 2010 to the government. The company plans to continue in 2011 with 7-9 exploration or appraisal wells in Ghana. Aggregate proven reserves in Ghana however, as well as other international sites including China and Algeria account for less than 15% of the company’s total proven reserves. Anadarko’s income from continuing operations for 2010 totaled US$761 million compared to a loss of $135 million in 2009 and the company generated US$5.2 billion in cash flows. Anadarko owns a 31% working interest in the West Cape Three Points exploration block.