Anadarko posts oil find in Gulf of Mexico

HOUSTON, March 22 (UPI) -- U.S. explorer Anadarko Petroleum Corp. announced Monday it encountered more than 600 feet of high-quality oil pay in an appraisal well in the Gulf of Mexico.

Bob Daniels, senior vice president at Anadarko, said the find in the Vito appraisal well shows his company is "off to a great start" for its exploration activity in 2010.

The Vito well was drilled to a depth of more than 31,000 feet in roughly 4,000 feet of water. An additional sidetrack appraisal well is planned for 2010 in order to determine the size of the find.

"With more than 1 mile separating the appraisal location and the discovery well, the initial results of the Vito appraisal well substantiate the field's large areal extent and thick, high-quality reservoirs," said Daniels.

The Gulf of Mexico is considered one of the most lucrative deep-water basins in the world. Offshore exploration in the United States is seen as a key to reducing foreign dependency on oil.

Anadarko added that it was the highest bidder on 48 deep-water tracts in the central Gulf of Mexico.

"With the addition of these new blocks, Anadarko will have access to 618 blocks covering approximately 3.5 million gross acres," the company said.