To obtain a stake in the Gulf of Mexico Lucius project, Anadarko Petroleum has made a deal with an undisclosed entity, according to which Anadarko’s investment of 556 million dollars, which would cover the entire capital requirement up to the initial production of the Lucius project, will obtain for Anadarko a 7.2% working interest in the development and retain a 27.8% working interest when Anadarko continues as a operator.
Al Walker, President and CEO of Anadarko, stated that the investment in the project anticipated to produce over 300 million BOE (barrels of oil equivalent) would be an ideal use of the capital. The undertaking with an effective date of January 1, 2012 is anticipated to close in the third quarter of 2012 and is bound by the preferential purchase rights and other closing stipulations.
Situated 230 miles seaward in 7200 ft of water in the Gulf of Mexico, the Lucius project includes parts of the Keathley Canyon. A truss spar buoyant production unit is being built to carry out the operations. The anticipated yield is 80,000 barrels of oil and 450 million cubic feet of natural gas per day. Obtaining and supplying oil and natural gas at reasonable and consistent rates, thus assuring excellent rate of returns for the shareholders, is the aim of Anadarko Petroleum. With a production amount of 2.54 million barrels of reserves at the 2011-year end Anadarko is one of the biggest producers of oil and natural gas in the globe.