Anadarko Petroleum announced its 2017 capital program

AnadarkoThe US oil and gas company Anadarko Petroleum Corporation announced its 2017 capital program and plans to spend 4.5-4.7 billion USD. The company will invest 1.1 billion USD in development of its oil assets in deepwater Gulf of Mexico, Algeria and Ghana. Also during the year, Anadarko Petroleum Corporation plans to invest 770 million USD in its deepwater exploration program and LNG project in Mozambique. The company plans to continue leveraging its premier infrastructure position and drill approximately seven development tiebacks in the Gulf of Mexico, producing about 160,000 boe per day after integration of recently acquired Freeport-McMoRan assets.

“Our 2017 initial capital program is designed to leverage our streamlined portfolio and sharpened focus on higher-margin oil production, which is expected to generate stronger returns and substantial cash flow to fund material growth over the next five years”, said the Chairman, President and CEO of Anadarko Petroleum Corporation, Al Walker. “With a growing lower-risk resource base of more than 6.5 billion BOE (barrels of oil equivalent) in our premier U.S. focus areas of the Delaware and DJ basins, and the deepwater Gulf of Mexico, I believe Anadarko is poised to deliver exceptional value in 2017 and well beyond”, added he.

In 2017, Anadarko Petroleum plans to drill up to 10 exploration and appraisal wells in the deepwater Gulf of Mexico, Colombia and Cote d’Ivoire. According to the 2017 capital program, the company will continue development of its Mozambique LNG project, where made progress on the legal and contractual framework and submitted a Development Plan to the Government of Mozambique for the Golfinho/Atum discoveries.

Anadarko Petroleum is an American oil and natural gas exploration and production company headquartered in The Woodlands, Texas. The Company engages in the gathering, processing, and treating of natural gas, and the transporting of natural gas, crude oil, and natural gas liquids. At the end of December 2016, Anadarko Petroleum had approximately 1.722 billion boe of proved reserves, 52% of which were liquids and 48% of which were natural gas. Last year, the company produced 792,000 boe per day through its offshore and onshore assets.