Anadarko Gulf spending to be backed by $556 million investment

Anadarko Petroleum Corp. will get more than half a billion dollars from an undisclosed party to fund development of a large Gulf of Mexico oil and gas project, the company said Monday.

The anonymous investor agreed to fund completely Anadarko’s estimated capital spending on the Lucius development, committing $556 million, Anadarko said.

In exchange for covering Anadarko’s spending on the development, with an effective date of Jan. 1, 2012, the undisclosed party will take 7.2 percent working interest in the Lucius development, carving out a portion of Anadarko’s interest, which is now 27.8 percent.

The Lucius development is 230 miles off the Louisiana coast at a water depth of 7,200 feet. It will be developed with a truss spar floating production facility now under construction, and will be able to produce more than 80,000 barrels of oil and 450 million cubic feet of natural gas per day, according to Anadarko.

“This agreement further enhances the capital efficiency of our investment in the estimated 300-plus-million-BOE (barrels of oil equivalent) Lucius development,” Anadarko President and CEO, Al Walker said in a statement. “We look forward to closing this agreement and working with our prospective partner and the other Lucius co-venturers to advance this project on time and on budget toward first production in the second half of 2014.”

The identity of the party behind the new funds will be disclosed once the definitive agreement closes, which is expected in the third quarter of this year, according to Anadarko.

Anadarko is based in The Woodlands.