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Anadarko's Natural Gas Find In Mozambique Could Feed U.S. Demand For a Year

After Italian comany Eni S.p.A. made large natural gas finds in Mozambique, Houston-Based Anadarko Petroleum Corp. officials announced their company has found a natural gas field there that could satisfy the United State's demand for the resource for a year.

At more than 25 miles long, the newest offshore discovery is roughly the length of the Houston city metroplex, and at 662 feet deep, it contains an estimated 30 trillion cubic feet of natural gas.

The Texas company drilled six appraisal wells and company officials believe there could be anywhere between 30 and 50 tcf of natural gas.

"The positive results of each appraisal well that we have drilled and analyzed have continued to increase our estimate of recoverable resources and natural gas in place on our block, and to add to our confidence that this could be one of the most important natural gas fields discovered in the last 10 years, with significant long-term benefits for Mozambique," said Anadarko CEO Jim Hackett.

The company will have to wait several more years before it can start producing natural gas from its findings. Production is not predicted until 2018 according to an anticipated timeline on the company's website.

This find could propel Mozambique as one of the world's prime natural gas countries in the world. Anadarko plans to drill seven more wells in 2012 and has identified 15 other possible well locations, according to its website.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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