Anadarko Petroleum struck its fifth deepwater find this year in the Gulf of Mexico, this time in the Keathley Canyon block. The discovery was made at a well drilled to a depth of 20,000 feet in about 7,100 feet of water. Anadarko controls a 50% stake in the prospect while Plains Exploration & Production and Mariner Energy hold the rest.
Houston-based Anadarko Petroleum on Wednesday announced a new deepwater discovery in the Gulf of Mexico. Anadarko said it met 250 net feet of oil pay in the Vito exploration well in the Mississippi Canyon.
Senate Majority Leader Harry Reid, D-Nev., wants committees with jurisdiction over climate-change legislation to finish work by Sept. 18, a colleague said. The bill is intended to cut greenhouse-gas emissions 17% by 2020. Reid's plan is for the legislation to be passed before the U.S. participates in a climate-change forum in Copenhagen in December.
In the largest overseas takeover by a Chinese company, Sinopec Group will acquire Addax Petroleum for $7.19 billion. Sinopec is a state-owned company. Addax is based in Switzerland and operates off Nigeria.
Marathon Oil has agreed to sell its 18.5% interest in the Corrib natural gas development off Ireland's northwest coast. The company will get up to $400 million from Vermilion Energy Trust. Marathon is predicting a loss of about $150 million in the second quarter from the planned divestiture.