Thursday, September 30, 2010

Anadarko (NYSE:APC) Discovers Oil at Itauna Well

Anadarko Petroleum (NYSE:APC) has discovered oil at the Itauna well if offshore waters of Brazil, according to Colombian state-run oil company Ecopetrol (ECOPETROL.BO), who is a partner with Anadarko in the project.

Each company holds a 50 percent stake in the well.

This is the first major exploration find for Ecopetrol, which was in Block BM-C-29, close to Block BM-C-30, the huge Wahoo oil and gas field held by Anadarko.

While there is still a lot of drilling to do, Anadarko spokesman John Christiansen said the company was encouraged by what they've discovered so far in the Block.

Ecopetrol agreed, saying “future developments and projections will be subject to additional data to be obtained during the exploration activities carried out in the block in the following months.”

Estimates will be made at a later date.

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