Anadarko expects to achieve first production at Algeria' s El Merk complex
BY KRISTIN JONES AND ALISON SIDER
HOUSTON -- Anadarko swung to a Q4 profit on a jump in oil and gas sales amid a major production surge, compared with a prior year when it was also hit by charges tied to the 2010 Deepwater Horizon oil spill. The company reported that oil and natural gas sales volume jumped 8% in 2012, driven by an even larger increase in sales volume from United States shale fields such as the Eagle Ford in south Texas and the Wattenberg in northeast Colorado. The company has also had a string of exploration successes off the coast of Mozambique.
Anadarko said in its earnings announcement that it expects its massive El Merk project in the eastern Sahara to achieve initial oil production in Q1 2013. The company said it added 434 MMboe of proved reserves in 2012, replacing 162% of the oil and gas it produced during the year.
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