Anadarko Petroleum Corp. signed an agreement with an undisclosed party to enter a joint-venture capital carry arrangement for Anadarko's ownership in the Gulf of Mexico (GoM) 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.

“This agreement further enhances the capital efficiency of our investment in the estimated 300-plus million (barrels of oil equivalent) Lucius development,” said Anadarko president and CEO Al Walker. “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 agreement is expected to close during year-end Q3 and is subject to existing preferential purchase rights and other customary closing conditions.

The Lucius development is located approximately 370 km (230 mi) offshore in the GoM in 22 m (7,200 ft) of water. It includes portions of Keathley Canyon blocks 874, 875, 918 and 919. The project is being developed using a truss spar floating production facility that is currently under construction. The spar is being built with the capacity to produce more than 80,000 barrels of oil per day and 450 million cu ft of gas per day.