Anadarko Makes Largest Oil Discovery Ever

Brian Hicks

Written By Brian Hicks

Posted November 29, 2011

Anadarko Petroleum Corp. (NYSE: APC) announced Monday that the oil field discovery off the coast of Mozambique is their largest find, ever.

The East African oil field is reported to have 15 to 30 trillion cubic feet of recoverable natural gas, up from an estimated 6 trillion cubic feet, reports Bloomberg Businessweek.

The find is large enough to meet the needs of U.S. demand for one year.

“This could be one of the most important natural gas fields discovered in the last 10 years,” Anadarko Chairman and CEO James Hackett said in the company’s prepared statement.

Construction of the liquefied natural gas field is set to begin in 2013 after investment plans are completed. According to the Associated Press, Anadarko plans to begin production in 2018, and exports will mainly go to China and Japan.

Italian energy company, Eni SpA, made a similar large discovery in October. Mozambique is now a potential major gas exporter says Bloomberg.

“Anadarko is the operator for Offshore Area 1, with 36.5 percent working interest. Mitsui E&P Mozambique Area 1 Ltd. is the largest co-owner, with 20 percent,” reports Bloomberg.

That’s all for now,


Angel Publishing Investor Club Discord - Chat Now

Brian Hicks Premium


Hydrogen Fuel Cells: The Downfall of Tesla?

Lithium has been the front-runner in the battery technology market for years, but that is all coming to an end. Elon Musk is against them, but Jeff Bezos is investing heavily in them. Hydrogen Fuel Cells will turn the battery market upside down and we've discovered a tiny company that is going to make it happen...

Sign up to receive your free report. After signing up, you'll begin receiving the Energy and Capital e-letter daily.