Several analysts believe Anadarko Petroleum's Shenandoah field in the Gulf of Mexico contains larger reserves than the company's estimate of more than 300 million barrels of oil. They cited the results of the Shenandoah-2 appraisal well, which found over 1,000 feet of net oil pay. "The deepwater Gulf of Mexico is witnessing an astonishing run of discoveries and hydrocarbon augmentation," according to Simmons & Co. International.

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