Anadarko Petroleum Corp. Announces Joint-Venture Agreement For Gulf Of Mexico Lucius Development

Anadarko Petroleum Corp. announced it has signed a definitive agreement with an undisclosed party to enter into a joint-venture capital carry arrangement for Anadarko's ownership in the Gulf of Mexico Lucius development project. Under the terms of the agreement, Anadarko will be carried for $556 million, which is estimated to represent 100% of its expected capital obligation through the anticipated date of first production at Lucius. In exchange, Anadarko will convey a 7.2% working interest in the Lucius development and will continue as operator with a 27.8% working interest. The agreement is expected to close during the third quarter of 2012, with an effective date of January 1, 2012. The Lucius development is located approximately 230 miles offshore in the Gulf of Mexico in 7,200 feet of water.