Wednesday, August 18, 2010

Anadarko (NYSE:APC) Finds Oil Off Shores of Mozambique

Anadarko Petroleum Corp. (NYSE:APC) announced it has made its first discovery of oil off the coast of Mozambique at its Rovuma Basin. The oil company has already discovered gas in Rovuma Basin.

Along with the crude oil there was also natural gas found, with approximately 125 feet of sand drenched with the fuels.

Anadarko spokesman John Christiansen, said it's unlikely the find will be able to be developed commercially, as it seems to have low porosity and permeability.

What's more important is it can be used as a guide for further, more successful exploration of the area, said Christiansen.

The well was found in about 3,418 feet of water and was drilled to a depth of 17,400 feet.

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