Anadarko to spend more onshore

Spending: Anadarko budgets $7.2bn to $7.6bn for 2013

Reuters/Scanpix

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Luke Johnson

 20 February 2013 18:04 GMT

US independent Anadarko Petroleum plans to direct more of its spending this year on onshore oil plays as the company focuses on projects that generate higher rates of return.

About 60% of the $7.2 billion to $7.6 billion Anadarko expects to spend will go to high-margin onshore plays like the the Wattenberg field in Colorado and the Eagle Ford in Texas. Anadarko dedicated about 55% of its capital budget to US onshore plays last year.

The Woodlands, Texas-based company aims to increase its US onshore sales volumes by about 10% compared to last year, including an additional 30,000 barrels per day of higher-margin oil.

"Our 2013 capital investments will focus on projects that generate rates of return between 30% and more…

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