Anadarko discloses its 2011 budget plans; exploration to eat up one-fourth of the pie!

Anadarko has disclosed its 2011 outlook and capital program from which it looks forward to generate a significant momentum to continue in 2011 and ahead with its diversified portfolio globally. 

• Total 2011 capital expenditures are expected to be between $5.6 and $6.0 billion out of which about $1.3-$1.5 billion would be directed towards exploration activities, which is about 25% on the total capex.

• Exploration capex would be spend company's worldwide offshore and deepwater programs, which include approximately 25 exploration and/or appraisal wells this year.

• Africa will continue to be a primary focus area with 12 to 15 wells planned in West Africa, and another three to five wells planned in the Rovuma Basin offshore Mozambique.

• In addition to finding new resources, Anadrako plans to continue advancing existing discoveries to development with very active appraisal programs in Mozambique, Ghana, Brazil, Sierra Leone and the Gulf of Mexico.

Anadarko’s Report Card

• Anadarko has continued to remain amongst the most active and successful deepwater explorers in the world, and together with its U.S. onshore exploration activities.
• 19 offshore discoveries in the last three years
• With Tubarao and Teak discoveries, Anadarko seems to have scored high in the beginning of the year 2011!