Anadarko expands holdings

Posted: Friday, September 08, 2000

ANCHORAGE (AP) -- Houston-based Anadarko Petroleum Corp. has expanded its Arctic holdings, buying a 37.5 percent interest from Alberta Energy Co. in two exploration areas in Canada's MacKenzie River Delta.

In a separate deal, Alberta Energy bought a one-third interest in Anadarko's leases on 3.1 million acres in the Brooks Range foothills.

The land belongs to the Arctic Slope Regional Corp.

The MacKenzie deal adds to Anadarko's already huge Arctic exploration position.

In Alaska, Anadarko owns 22 percent of the Alpine oil field, exploration acres in the National Petroleum Reserve-Alaska and exploration rights in the Brooks Range.

None of the properties is yet producing oil or gas.

In the MacKenzie Region, Anadarko already owns exploration rights in two prospects.

The latest deal, announced Aug. 31, expands Anadarko's exploration position by 530,000 acres.

The MacKenzie Delta holds an estimated 10 trillion cubic feet of natural gas and roughly 1 billion barrels of oil. Little oil and gas is produced in the region. But optimism of development is rising with prices.

''We believe Arctic gas will find its way to Canadian and American consumers through one or more of the pipelines being proposed from Canada and Alaska,'' said Robert J. Allison Jr., Anadarko's chief executive.



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