Anadarko Petroleum Corporation has signed a definitive agreement with an undisclosed party to enter into a joint-venture capital carry arrangement for Anadarko's ownership in the Gulf of Mexico Lucius development project.

Under the terms of the agreement, Anadarko will be carried for $556 million, which is estimated to represent 100 percent of its expected capital obligation through the anticipated date of first production at Lucius. In exchange, Anadarko will convey a 7.2-percent working interest in the Lucius development and will continue as operator with a 27.8-percent working interest.

Tags: Anadarko Petroleum Corporation