Anadarko sees more gas from huge Mozambique field
NEW YORK (AP) — Anadarko Petroleum Corp. says a natural gas field discovered off the coast of Mozambique is the largest the company has ever found.
Shares are up $3.27, or 4.6 percent, to $75.11 in premarket trading.
The Houston oil and gas company says the East African offshore field contains 15 to 30 trillion cubic feet of recoverable natural gas, up from an initial estimate of 6 trillion cubic feet.
Anadarko Chairman and CEO Jim Hackett says the area could be one of the most important natural gas fields discovered in the last 10 years.
Anadarko has a 36.5 percent interest in the field. Mitsui E&P, BPRL Ventures Mozambique B.V., Videocon Mozambique Rovuma and Cove Energy Mozambique Rovuma Offshore Ltd. also own stakes in the field.