(Dow Jones Newswires), Dec. 29, 2011
Anadarko Petroleum received a $419 million contingency payment from Statoil ASA's Statoil Brasil Oleo e Gas unit related to the 2008 sale of Anadarko's stake in the Peregrino oilfield offshore Brazil.
Statoil had paid $1.8 billion to Anadarko Petroleum for stakes in heavy-oil and deep-water projects in Brazil and the Gulf of Mexico, including the 50 percent interest it didn't already hold in the Brazilian Peregrino project. At the time, Statoil said it could pay as much as $300 million more, before taxes, depending on oil prices.
Anadarko President and Chief Operating Officer Al Walker said the value of the contingent pricing mechanism significantly exceeded the amount the company expected and was helped by both the strength of Brent oil pricing and Statoil's operational success in bringing the Peregrino field on line.
Copyright (c) 2011 Dow Jones & Company, Inc.
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