Anadarko is focused on developing projects in areas such as Africa, the onshore U.S. and the Gulf of Mexico to boost output in future years. In North America, Anadarko has onshore projects in such states as Texas and Pennsylvania.

The company said it has acquired interests in about 300,000 gross acres in Ohio's Utica Shale as it seeks to increase petroleum liquids output. Anadarko said it has started a first well and plans an active program in the area.

The Jubilee project off Ghana has encountered mechanical issues related to completion techniques, Anadarko said yesterday.
The company previously has said Jubilee may hold 1.5 billion gross barrels of oil equivalent. Anadarko said yesterday a resource estimate for Jubilee hasn't changed.

Gross production at the project is more than 85,000 barrels a day, and the company said partners will seek to increase capacity once there's a resolution. Anadarko said in December that Jubilee was heading for output of 120,000 barrels a day.

Anadarko also continues to tout offshore Mozambique, where the company said it's confident a complex holds more than 10 trillion cubic feet of recoverable gas.

Eoin Treacy's view The Utica shale represents another in a succession of major US geological basins opening up to shale oil and gas development. This report from Wood MacKenzie dated September 7th highlights the potential benefits to the economy of exploiting these resources; not least the obvious boon of being less reliant on imports.

Shale gas development has garnered most headlines because of the impact it has had on pricing. Unconventional oil development will probably not have as deleterious an impact on prices because oil markets are more fungible globally. They could have a much greater impact economically because of the cost of importing such a large equivalent amount of oil.

Anadarko remains one of the best performing mid-tier oil producers despite impairment costs from the Gulf oil spill. Prices surged from the early October low to test the peak above $80 and appear to be unwinding a short-term overbought condition. A sustained move above $85 will be required to reassert the medium-term uptrend. Noble Energy, Southwestern Energy and Gulfport Energy also rallied impressively to move back above their respective MAs and are at least unwinding short-term overbought conditions.

Apache Energy, EOG Resources and Devon Energy fell sharply from early August and rallied last month to close overextended conditions relative to the 200-day MA. At least a pause and consolidation of recent gains appears to be underway and a sustained move above their respective MAs will be required to indicate a return to medium-term demand dominance.

These shares are unlikely to be immune from a deeper correction in oil prices should one occur.