Anadarko Signs Joint-Venture Deal for Gulf of Mexico Lucius Project

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.

Source: http://www.anadarko.com

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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