updated 12/15/2010 2:00:00 AM ET 2010-12-15T07:00:00

Anadarko Petroleum Corporation (NYSE: APC), in conjunction with the operator of the Jubilee field, Tullow Oil plc, and other partners including the Ghanaian government, announced that first oil from the Jubilee field offshore Ghana will be celebrated today. His Excellency John Atta Mills, President of Ghana, will be the guest of honor at the ceremony.

"Achieving first oil from the Jubilee field just three-and-a-half years after our first deepwater discovery was made offshore Ghana is a remarkable accomplishment by the partnership and the Ghanaian government," Anadarko Chairman and CEO Jim Hackett said. "Today marks a historic occasion for the people of Ghana, and Anadarko is proud to have played a role in the development of these essential resources in a resource-constrained world."

The First Oil celebration is scheduled to take place on board the floating production, storage and offloading (FPSO) vessel the Kwame Nkrumah, and later at the Jubilee project's shore base in Takoradi, Ghana.

Oil first flowed into the FPSO on Nov. 28, 2010, and this oil has been used to commission the facilities. Immediately following first oil, well capacity will be 55,000 barrels of oil per day, and as new wells are completed over a three-to-six month period, production is expected to ramp up to approximately 120,000 barrels per day.

"Congratulations to all of those involved in making this world-class project a reality," Anadarko President and Chief Operating Officer Al Walker said. "Each company provided complementary skills and experience to the integrated project team and worked in a well-coordinated manner with the government of Ghana to deliver first oil from Jubilee, safely, on time and on budget."

Anadarko owns a 23.49-percent working interest in the Jubilee Unit. Tullow Oil plc is the operator with a 34.70-percent working interest. Other co-owners in the unit include Kosmos Energy (23.49-percent working interest), Sabre Oil and Gas (2.81-percent working interest), E.O. Group (1.75-percent working interest) and GNPC (13.75-percent working interest).

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2009, the company had approximately 2.3 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Anadarko believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove to have been correct. A number of factors could cause actual results to differ materially from the projections, anticipated results or other expectations, including Anadarko's ability to successfully develop or commercialize the projects identified in this news release. See "Risk Factors" in the company's 2009 Annual Report on Form 10-K, Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2010 and other public filings and press releases. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Anadarko undertakes no obligation to publicly update or revise any forward-looking statements.

© Marketwire 2013


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