Anadarko Petroleum to sell U.S. Gulf oilfield stake for $860 mln

March 5 Tue Mar 5, 2013 9:20am EST

March 5 (Reuters) - Oil and gas producer Anadarko Petroleum Corp said it would sell a 12.75 percent working interest in an oil project in deepwater Gulf of Mexico for $860 million to an undisclosed firm.

Anadarko plans to use the proceeds to fund the project until mid-2016, when it will start production.

The company said the Heidelberg development project is estimated to hold up to 400 million barrels of recoverable resources and the deal gives Anadarko's stake in the project a market value of $3 billion.

Anadarko will continue as operator with a 31.5 percent working interest.