Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: The Perfect Hedge who wrote (23248)	6/2/1998 12:28:00 AM
From: pz	Read Replies (1) \| Respond to of 95453

KUALA LUMPUR, June 2 (Reuters) - Anadarko Petroleum Corp of the United States is still on course to achieve a 20 percent growth in oil production this year, despite persistently low oil prices, a senior official said on Tuesday. Richard Sharples, vice-president for marketing, said "the projects we are currently developing are economical at these prices." He was speaking to Reuters on the sidelines of an energy conference. When asked if the company would be able to maintain its forecast 20-percent growth in output, he said "we are on track." Anadarko is developing discoveries in Algeria, Alaska and the Gulf of Mexico. Sharples said the company planned to start exploration activity in Asia after the year 2000. On April 30 the company reported first quarter earnings and said crude oil and condensate production rose 12 percent to 25,000 barrels per day (bpd). A few days later the company began crude production from the Sahara Desert in Algeria. The Hassi Berkine South field started production at 5,000 bpd and Anadarko plans to increase output to 60,000 bpd within two months. Anadarko is developing a two billion barrel cluster of fields near the Tunisian border with partners LASMO Plc , AP Moeller Group , Maersk and Sonotrach. Anadarko's first quarter net income fell to $7.0 million from a year earlier $34.4 million. The company has a $800 million capital expenditure programme this year. -- Kuala Lumpur newsroom (+603-275-6839), fax (+603-232-7652)