Anadarko’s budget up for 2000

Petroleum News Alaska Staff

Late last month, Anadarko Petroleum Corp. said it had set a capital investment program of $766 million for 2000, a 13 percent increase over the $680 million spent in 1999. Eighty percent of the budget is allocated for the United States.

The Houston-based company said more than two-thirds of the budget will be used for continuing development of key projects in Algeria and the Gulf of Mexico, as well as in Alaska and other U.S. onshore fields.

Anadarko said about 16 percent of the budget — $121 million — has been earmarked for exploration programs, about $105 million of which will be directed to U.S. programs, primarily in Alaska and the Gulf of Mexico.

In Alaska, Anadarko has budgeted $65 million for its share of development costs at the North Slope’s Alpine field. Initial production at the field adjacent to the National Petroleum Reserve-Alaska is scheduled to begin in mid-2000. Anadarko has a 22 percent working interest in Alpine, with operator ARCO Alaska Inc. owning the remaining 78 percent interest.

The company said its cash flow and credit facilities will provide most of the funds to meet its capital and operating requirements for this year. To secure other funds Anadarko said it will continue to look at funding alternatives, including property sales and additional borrowing.