Anadarko steps up guidance, plans seven GoM tiebacks in 2017

In its 2017 initial capital expectations and guidance, Anadarko Petroleum Corp. said it expects to invest around $1.1 billion in its deepwater Gulf of Mexico, Algeria, and Ghana assets.

Offshore staff

HOUSTON– In its 2017 initial capital expectations and guidance, Anadarko Petroleum Corp. said it expects to invest around $1.1 billion in its deepwater Gulf of Mexico, Algeria, and Ghana assets.

In the Gulf of Mexico, the company plans to continue leveraging its infrastructure position and drill approximately seven development tiebacks during the year.

In addition, Anadarko noted it expects to benefit from a full year of production from the recently acquiredFreeport-McMoRan properties, which doubled its sales volumes to more than 160,000 boe/d at the end of last year. Minimal capital investments are expected to be required in 2017 to maintain the oil production provided by the company’s strong cash-generating assets in Algeria and offshore Ghana, it informed.

In addition, Anadarko plans to invest about $770 million in its deepwater and international exploration program and LNG project in Mozambique.

During the year, it plans to drill up to 10 exploration/appraisal wells in thedeepwater Gulf of Mexico, Côte d’Ivoire, and Colombia, home to its recent discovery at the Purple Angel prospect.

Anadarko expects to continue advancing the Mozambique LNG project where it has made progress on the legal and contractual framework, and recently submitted a development plan to the government ofMozambique for the Golfinho/Atum discoveries.

03/08/2017

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