Tuesday, February 1, 2011

Anadarko Petroleum's (NYSE:APC) Caesar/Tonga Gulf Project Delayed

Citing testing that found faulty equipment, Anadarko Petroleum (NYSE:APC) has put its Caesar/Tonga deepwater oil development project in the Gulf of Mexico of hold.

Anadarko, which owns 25 percent of the Macondo well, the one which BP (NYSE:BP) lost control of, says the Caesar/Tonga will start producing later than originally planned

Anadarko closed Monday at $77.08, gaining $2.90, or 3.91 percent.

They, along with other oil companies, are again benefiting from rising oil prices.

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