Press Esc to close

WorldOil

World Oil News Center



Anadarko reaches joint venture pact for Lucius project

BY TESS TYNES

HOUSTON -- Anadarko Petroleum Corp. signed an agreement with an undisclosed party to enter a joint venture capital carry arrangement related to the oil and gas company' s interest in the Lucius project in the Gulf of Mexico.

Under the agreement Anadarko will be carried for $556 million, which represents the company' s estimated capital obligation through the beginning of production--expected in the second half of 2014. Anadarko will contribute a 7.2% working interest in the Lucius development and remain operator with a 27.8% working interest.

The Lucius project includes portions of Keathley Canyon area. The deal is expected to close in the third quarter.

Anadarko in April reported that its first-quarter profit surged amid a huge gain from a tax-related settlement in Algeria, while higher oil prices and rising production lifted its top line.

Shares closed Friday at $66.20 and were inactive premarket. Through Friday' s close, the stock is down 13% this year.


Dow Jones Newswires

 

07/02/2012

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS