Anadarko gets $556 million Lucius project carry

By OGJ editors

An undisclosed new partner will carry Anadarko Petroleum Corp. for $556 million, estimated to represent 100% of Anadarko’s expected capital requirement through the start of production at the Lucius project in the deepwater Gulf of Mexico.

In exchange, Anadarko will convey a 7.2% working interest in the Lucius development to the new partner. Anadarko will continue as operator with a 27.8% working interest.

Anadarko president and chief executive officer Al Walker said, “This agreement further enhances the capital efficiency of our investment in the estimated 300+million-bbl of oil equivalent Lucius development. We look forward to closing this agreement and working with our prospective partner and the other Lucius coventurers 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 in 7,200 ft of water 230 miles offshore Louisiana in the southeastern part of the Keathley Canyon planning area in blocks 874, 875, 918, and 919 (OGJ Online, Dec. 15, 2011).

The project is being developed using a truss spar floating production facility that is under construction. The spar is being built with the capacity to produce more than 80,000 b/d of oil and 450 MMcfd of natural gas.

Other participants in the Lucius unit include Plains Exploration & Production Co. 23.3%, ExxonMobil Corp. 15%, Apache Deepwater LLC 11.7%, Petrobras 9.6%, and Eni 5.4%.

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