AMERICAN exploration company Anadarko Petroleum expects its volume of oil sales will grow about 5 per cent year over year.

Anadarko said it expected the growth rate on a divestiture-adjusted basis in its 2015 initial capital expectations and guidance, released on 3 March 2015.

Anadarko forecasts improved 2015 liquids product mix of about 50%, even with the reduction of more than nine million net barrels of oil equivalent (boe) of assumed ethane rejection.

Establishing net resources of more than one billion boe in the Wolfcamp shale is also expected, according to the company.

Anadarko said it will achieve first oil at the 80,000 barrels of oil per day Lucius spar and enhance value through a new production-handling agreement.

The company announced more than US$700 million of asset monetisations to date in 2015, as at 3 March.

Anadarko chairman, president and chief executive officer Al Walker said the company was conscious of the low oil price environment.

“As a result, we’ve reduced our initial 2015 capital expectations by approximately 33% relative to last year, with plans to reduce our short-cycle US onshore rig activity by 40% and defer approximately 125 onshore well completions.”

“During 2015, we are confident in our ability to leverage our deep, high-quality portfolio of opportunities, strong balance sheet and efficient capital allocation to preserve value and maintain flexibility,” he said.