US Anadarko Petroleum’s Board of Directors has allocated nearly $1.5 billion to worldwide development projects for 2003, a 35 percent increase from last year. Approximately $381 million is earmarked for exploration in North America, the Middle East, North and West Africa and Australia, stated a press release.
"Capital spending in Algeria and Alaska will decline this year because we've largely completed major construction projects there. Our focus in these areas during 2003 will be exploration and additional development drilling," said President and CEO of Anadarko, John Seitz.
Anadarko's 2003 Algeria program will focus on exploration and development drilling as part of a $98 million budget. This represents a $41 million decline in capital spending, as major construction projects at the HBNS and Ourhoud central processing facilities near completion.
Anadarko plans to drill or participate in a total of 42 wells to further develop the Ourhoud and Block 404 fields. Delineation drilling also will continue in Block 208, where initial engineering work will begin this year on a new central production facility.
Anadarko also expects to drill five exploration wells on Blocks 404 and 208, targeting TAGI and deeper zone potential. Algerian net production is expected to be 23 million barrels - about the same as in 2002.
The $1.5 billion international spending is part of a company approved $2.3 billion capital budget for 2003. Anadarko hopes to grow production to 200 million barrels of oil equivalent (BOE), explore in a number of key basins and reduce debt. The company spent nearly $2.4 billion in 2002. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
