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Anadarko (APC) hosted KNOC and Korean media outlets for a tour of the Eagle Ford late last year. The video below provides a short overview of the trip and Anadarko's Eagle Ford operations.
Anadarko reports Q3 earnings on November 5th. We'll have another APC update for you then.
Anadarko Petroleum released second quarter results and updated us on the company's Eagle Ford operations. The company spud 96 wells in the second quarter and plans to drill a total of 325 wells in 2013.
Eagle Ford production increased 13% over the first quarter to 48,000 boe/d. Liquids production accounted for almost 32,000 b/d or approximately two-thirds of the company's production in the region. That's up over 60% from the second quarter of 2012.
The company ran an average of nine rigs in the second quarter and invested a total of $35 million. Spud to rig release fell to 8.1 days from 9.5 days in the first quarter.
Much of Anadarko's Eagle Ford investment is carried as part of its JV with KNOC. The agreement called for KNOC to carry 90% of development costs up to $1.55 billion. The carry is expected to be exhausted by year-end 2013.
On the midstream side of the business, Anadarko brought on the 200 mmcfd Brasada natural gas processing plant in La Salle County, TX. The facility can recover up to 30,000 b/d of NGLs, which will add value to the company's production stream.
Anadarko also plans to bring on additional compression in the third quarter.
Read the company's full press release at anadarko.com
Anadarko set an Eagle Ford record with a spud to rig release time of just 6.8 days for its best well in the second quarter of 2012. On average, the company spent just 10.5 days from spud to rig release for each well. That is down from almost 18 days when the company started drilling Eagle Ford wells in 2009.
Anadarko also set a record with a weekly net production rate of 32,300 boe/d in the quarter. Gross processed production is approaching 100,000 boe/d.
Anadarko is utilizing 9 conventional rigs and 1 spudder rig in the play. Eagle Ford drilling for the second quarter included spudding 70 wells, completing 50 wells, and reaching first production on 44 wells.
Anadarko Petroleum increased the number of identified Eagle Ford well locations to 4,000 and increased its resource estimate to 600 million barrels of oil equivalent. That means total resource from the company's 400,000+ gross acres will stretch to more than 1 billion boe. Anadarko is partnered with KNOC across its Eagle Ford acreage. Anadarko also reached record production in the quarter. The company averaged more than 30,200 boe/d for an entire week. Sales volumes averaged 12,000 b/d of oil, 6,000 b/d of NGLs, and 59 mmcf/d of natural gas during the quarter.
The Brasada gas processing plant is also in service as of the first quarter. The plant has current capacity of 200 mmcf/d, but will have ultimate capacity of 455 mmcf/d when construction is completed in mid-2013.
Read more at our Anadarko Petroleum Eagle Ford Shale page.
Anadarko Petroleum announced third quarter earnings today (Nov. 1) along with an operations update. In the Eagle Ford, the company grew production to more than 66,000 boe/d, which is almost 50% quarter over quarter growth and up from a just over 25,000 boe/d in the 2010 third quarter. The company operated 11 rigs, with one being a spudder rig. Those 11 rigs commenced drilling 56 wells, while Anadarko brought 37 wells to production.
The Korea National Oil Company (KNOC) owns a 33% in Anadarko's Maverick Basin Eagle Ford assets.
Anadarko exited the quarter with gross production of 66,000 BOE/d, which represents growth of 47% over the 2nd quarter exit rate of 45,000 BOE/d. For the quarter, oil sales volumes increased almost 150% compared to the sam period in 2010.
During the quarter, the company spud 56 wells using 10 rigs and one spudder rig, and achieved first production from 37 wells.
Anadarko initiated delivery to the Copano pipeline during the quarter and now has three main gathering and processing systems available for natural gas delivery.
Read the entire press release at anadarko.com