General News of Thu, 19 Nov 200931

Jubilee Field Is Economical At $25 A Barrel

Independent oil and gas producer Anadarko Petroleum Corp. (APC) said Wednesday that the Jubilee oil discovery offshore Ghana is economic at $25 a barrel.


Speaking in a presentation to analysts, Anadarko's senior vice president for exploration, Bob Daniels, said the work in the field is "on time and on budget."

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Anadarko said Jubilee remains on schedule to start production in the fourth quarter of 2010. The company owns a sizable stake in Jubilee, a discovery that is estimated to hold 1.8 billion barrels of oil. Exxon Mobil is vying for the stake of one of Anadarko's partners in the field, Kosmos Energy, in a deal that could be worth $4 billion.

Source: Dow Jones

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