Anadarko Petroleum (APC) Enters JV Capital Carry Agreement for Gulf Project
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Anadarko Petroleum Corporation (NYSE: APC) 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.
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.
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.
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