HomeIndustry SectorsGenerationIvory Coast starts offshore oil search

Ivory Coast starts offshore oil search

An Anadarko rig at
work in the Gulf
of Mexico
New York, United States — ESI-AFRICA.COM — 08 September 2011 – Anadarko Petroleum is scheduled to launch an oil exploration programme in the waters off the Ivory Coast later this year, after political unrest there had forced the U.S. company to close its operations in February.

Revealing the new development here, CEO Jim Hackett said Anadarko had secured rigs to drill at the Kosrou prospect this year. He told a Barclays Securities’ investor conference that the company expected to explore the Paon prospect there next year.

Hackett also said Anadarko expected a decision in December in the arbitration case it had brought against Algeria for the North African country’s ‘exceptional profits tax.’

“A favourable ruling for Anadarko would be worth about US$2 billion to the company,” he added, “plus potentially another US$2 billion in the future.”

Shares of Anadarko rose 2% to US$72.39 in early trading today.