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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

03/05/2013

 

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