Anadarko reaches $860 mn carried interest deal on Heidelberg
BY BEN FOX RUBIN
TEXAS -- Anadarko Petroleum agreed to enter into a carried interest arrangement with an undisclosed party for a portion of its ownership in the Heidelberg development in the deepwater Gulf of Mexico.
Under the terms of the deal, Anadarko will be carried for $860 mn, which represents nearly all its expected capital requirements through the expected date of first oil at Heidelberg in mid 2016. In exchange, Anadarko will convey a 12.75% working interest in the Heidelberg development and will continue as operator with a 31.5% working interest.
The agreement is expected to close in April. The Heidelberg development is located in 5,300 ft of water, about 140 miles from Louisiana's shore.
Anadarko's operations in shale fields such as the Eagle Ford in south Texas and the Wattenburg in northeast Colorado have driven higher production in recent quarters. The company has also had a string of exploration successes off the coast of Mozambique.
Dow Jones Newswires