Anadarko commits to exploration offshore Peru

Anadarko has signed an exploration agreement with the government of Peru to explore 4.7 million acres (7,344 square miles) on three deepwater blocks in the Trujillo basin.

The exploration schedule runs for seven years with attractive fiscal terms, the company says. During the initial two-year phase, Anadarko expects to spend around US$5 million on evaluation studies, including reprocessing seismic data and retrieving piston cores from the seafloor for analysis.

Terms of the agreement include multiple decision points to continue into additional exploration phases.

Elsewhere, Anadarko and its partners have received approval from Ghana’s government for their full-field development plan for the Jubilee area. Drilling should start by early 2018.

As for the Mozambique’s offshore Area 1 gas field development, the company and its partners have completed the basic legal and contractual framework for their onshore LNG project.

A few formal government approvals are now outstanding before the commencement of resettlement and site preparation activities, to make the onshore area ready for construction of the LNG facilities.

The co-venturers in Area 1 have also reached agreement on the project’s first long-term supply agreement, covering 2.6 MM t/yr to Thailand’s PTT. Ratification remains subject to the approval of Thailand’s government.