LINN Energy (LINE) Discloses $400M JV with Anadarko (APC) in Salt Creek Oil Field
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LINN Energy, LLC (Nasdaq: LINE) announced today a joint-venture agreement with an affiliate of Anadarko Petroleum Corporation (NYSE: APC), whereby LINN will participate as a partner in the CO2 enhanced oil recovery development of the Salt Creek field, located in the Powder River Basin of Wyoming. Anadarko assigned LINN 23 percent of its interest in the field in exchange for future funding of $400 million of Anadarko's development costs.
Over the next three to six years, LINN expects to invest a total of $600 million, which includes the $400 million of Anadarko's costs and $200 million net to LINN's assigned interest. Anadarko has been utilizing CO2 to develop this field since 2004 with outstanding results, and additional development associated with this joint venture is expected to double current production by 2015. The agreement was signed and closed April 3, 2012.
Over the next three to six years, LINN expects to invest a total of $600 million, which includes the $400 million of Anadarko's costs and $200 million net to LINN's assigned interest. Anadarko has been utilizing CO2 to develop this field since 2004 with outstanding results, and additional development associated with this joint venture is expected to double current production by 2015. The agreement was signed and closed April 3, 2012.
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