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Anadarko Enters into A JV Agreement for Lucius Development

Source: www.gulfoilandgas.com 7/2/2012, Location: North America

Anadarko Petroleum Corporation announced it has signed a definitive agreement with an undisclosed party to enter into a joint-venture capital carry arrangement for Anadarko's ownership in the Gulf of Mexico Lucius development project.

Under the terms of the agreement, Anadarko will be carried for $556 million, which is estimated to represent 100 percent of its expected capital obligation through the anticipated date of first production at Lucius. In exchange, Anadarko will convey a 7.2-percent working interest in the Lucius development and will continue as operator with a 27.8-percent working interest.

"This agreement further enhances the capital efficiency of our investment in the estimated 300-plus-million-BOE (barrels of oil equivalent) Lucius development," said Anadarko President and CEO, Al Walker. "We look forward to closing this agreement and working with our prospective partner and the other Lucius co-venturers to advance this project on time and on budget toward first production in the second half of 2014."

The agreement is expected to close during the third quarter of 2012, with an effective date of Jan. 1, 2012, and is subject to existing preferential purchase rights and other customary closing conditions.

The Lucius development is located approximately 230 miles offshore in the Gulf of Mexico in 7,200 feet of water. It includes portions of Keathley Canyon blocks 874, 875, 918 and 919. The project is being developed using a truss spar floating production facility that is currently under construction. The spar is being built with the capacity to produce more than 80,000 barrels of oil per day and 450 million cubic feet of natural gas per day.

Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2011, the company had approximately 2.54 billion barrels-equivalent of proved reserves, making it one of the world's largest independent exploration and production companies.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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