Anadarko sells part of K2 Unit in Gulf of Mexico

Anadarko Petroleum Corp. has agreed to sell a 23.2% portion of its interest in the K2 Unit in the Gulf of Mexico for $1.2 billion to two undisclosed companies.

By OGJ editors
HOUSTON, Mar. 13 -- Anadarko Petroleum Corp. has agreed to sell a 23.2% portion of its interest in the K2 Unit in the Gulf of Mexico for $1.2 billion to two undisclosed companies.

K2 currently averages production of 37,100 boe/d from six wells.

Anadarko believes there is outstanding upside potential in the unit and is working with its partners to finalize plans to enhance the recovery of oil from this large reservoir, the company said.

Following the sale, Anadarko will retain a 41.8% working interest in the K2 Unit and remain its operator.

The transaction is expected to close in the second quarter, subject to applicable preemption rights of co-owners in the subject leases and other closing conditions.

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