Anadarko Nets $860M In Gulf Of Mexico Oilfield Stake Sale

Law360, New York (March 5, 2013, 4:29 PM EST) -- Texas oil and gas giant Anadarko Petroleum Corp. has sold a 12.75 percent working interest in the Heidelberg development deepwater oil project in the Gulf of Mexico for $860 million and will use proceeds from the sale to fund the project through 2016, Anadarko said Tuesday.

Anadarko and the buyer, who was not named in the release, will enter into a carried-interest arrangement to transfer the Heidelberg stake. The Houston-based oil developer will retain a 31.5 percent interest in the project, according to Tuesday's release....
To view the full article, register now.