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Anadarko sells K2 chunk for $1.2bn
By Upstream staff
US producer Anadarko Petroleum is ready to sell part of its stake in the K2 Unit in the Gulf of Mexico for $1.2 billion to two unnamed parties, it said today.
The sale of a 23.2% stake in the field, which has averaged gross production of the 37,100 barrels of oil equivalent per day this year, is the latest in a string of divestments that Anadarko has undertaken to reduce debt taken on last year with the purchase of two peers.
Once the deal closes, which is expected to happen in the second quarter, Anadarko will remain the K2 Unit operator with a 41.8% working interest.
Closire of the deal is subject to the pre-emption rights of co-owners in the subject leases and other closing conditions agreed to by the parties.
The sale's effective date is 1 January 2007.
Monday, 12 March, 2007, 12:53 GMT | last updated: Monday, 12 March, 2007, 12:53 GMT
