Anadarko Petroleum to sell part stake in Heidelberg project for $860 mn
05 March 2013
US-based oil and natural-gas producer Anadarko Petroleum Corp is selling a 12.75 per cent working interest in an oil project in deepwater Gulf of Mexico for $860 million to an undisclosed buyer.
The sale comes a day after the Houston, Texas-based company put 10 per cent of its operatorship stake in the highly prolific Rovuma-1 offshore gas field in Mozambique for sale. (See: After Videocon, Anadarko puts 10 % stake in Mozambique gas field on the block)
Anadarko, which holds a 44.25-per cent operator interest in the Heidelberg development project, will sell 12.75 per cent to an unnamed buyer and will continue as operator with a 31.5 per cent stake.
Under the terms of the deal, the buyer would pay Anadarko $860 million, which represents nearly all the expected capital requirements through the anticipated date when the first production at Heidelberg in mid-2016.
"The Heidelberg carried-interest agreement builds upon our track record of accelerating value, maximising returns and enhancing the capital efficiency of our large-scale projects," said Anadarko president and CEO, Al Walker.
The deal values Anadarko's interest in the Heidelberg deepwater development at around $3 billion, which is estimated to hold up to 400 million barrels of recoverable resources.
The Heidelberg development is located in 5,300 feet of water, approximately 140 miles offshore from Louisiana.