March 4, 2008

Anadarko To Sell Out Of Kaskida/GOM, Brazil To StatoilHydro For $2.1B

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Norwegian company StatoilHydro, Oslo, (Oslo: STL) plans to acquire Anadarko Petroleum Corp.’s, Houston, (NYSE: APC) 25% interest in the BP-operated Kaskida Unit in deepwater Gulf of Mexico and its 50% interest in Peregrino Field offshore Brazil to total 100% for US$1.8 billion in cash plus additional consideration valued at US$300 million for a total deal value of US$2.1 billion.


The US$300-million consideration is a maximum pre-tax value related to Peregrino Field to be earned by 2020, conditional on future oil prices above pre-defined threshold levels. This contingent payment due annually is determined by applying 37.5% to 100% of Peregrino’s production volumes for months when future ICE Brent crude pricing exceeds certain thresholds.


Anadarko’s nonoperated interest in the Kaskida Unit in the Gulf of Mexico includes the Kaskida discovery on Keathley Canyon Block 292 at depths of 5,860 feet, approximately 250 miles southwest of New Orleans. The unit is operated by BP (55%) with Devon Energy Corp., Oklahoma City, (NYSE: DVN) as the other co-owner (20%). StatoilHydro holds several exploration leases in Keathley Canyon. Kaskida was named Discovery of the Year in 2007 by Oil and Gas Investor.