Offshore staff
HOUSTON –Anadarko Petroleum Corp. (NYSE: APC) has signed a joint-venture capital carry agreement involving the Gulf of Mexico Lucius development project.
Under the terms of the agreement with an unidentified party, Anadarko will be carried for $556 million, which is estimated to represent 100% of its expected capital obligation through the anticipated date of first production at Lucius.
In exchange, Anadarko will convey a 7.2% working interest in Lucius and will continue as operator with a 27.8% working interest.
The agreement is expected to close during 3Q 2012, with an effective date of Jan. 1, 2012, subject to a variety of approvals.
Lucius development is approximately 230 mi (370 km) offshore in 7,200 ft (2,195 m) of water. It includes portions of Keathley Canyon blocks 874, 875, 918, and 919.
The project is being developed using atruss spar floating production facility that is currently under construction. The spar is being built with the capacity to produce more than 80,000 b/d of oil and 450 MMcf/d of natural gas.
7/02/2012
