Anadarko Petroleum has announced that its initial capital expenditure will range between $4.5bn and $4.7bn for this year.
As part of 2017 initial capital program, the company is planning to spend 80% of its investment on upstream and midstream activities, as well as to expand its position in the Deepwater Gulf of Mexico.
In 2017, the company plans to invest nearly $770m million in its deepwater and international exploration program and LNG project in Mozambique.
Besides, it intends to drill up to 10 exploration/appraisal wells in the deepwater Gulf of Mexico, Côte d'Ivoire, and Colombia.
Anadarko also plans to advance the Mozambique LNG project following the progress made on the legal and contractual framework for the project.
The company said that it has recently submitted a development plan to the Government of Mozambique for the Golfinho/Atum discoveries.
In 2016, the firm increased Wolfcamp A (Delaware Basin) net resources by around 50% to more than three billion barrels of oil equivalents (BOE).
Anadarko Petroleum president and CEO Al Walker said: "Our 2017 initial capital program is designed to leverage our streamlined portfolio and sharpened focus on higher-margin oil production, which is expected to generate stronger returns and substantial cash flow to fund material growth over the next five years.
"With a growing lower-risk resource base of more than 6.5 billion BOE (barrels of oil equivalent) in our premier US focus areas of the Delaware and DJ basins, and the deepwater Gulf of Mexico, I believe Anadarko is poised to deliver exceptional value in 2017 and well beyond.
“Furthermore, sustained oil production from our deepwater Gulf of Mexico, Algeria and Ghana assets is expected to generate significant free cash flow to support growth and fund future value creation through exploration success and our LNG business."