Anadarko completes Peregrino field sale

Anadarko Petroleum Corp. gas completed the sale of its 50% interest in the Peregrino field offshore Brazil to StatoilHydro for $1.4 billion of net after-tax proceeds.

Offshore staff

HOUSTON -- Anadarko Petroleum Corp. gas completed the sale of its 50% interest in the Peregrino field offshore Brazil to StatoilHydro for $1.4 billion of net after-tax proceeds.

Anadarko retains its interest in seven exploration blocks, covering approximately one million gross acres in the Campos and Espirito Santo basins. Anadarko and partners are currently drilling the pre-salt Serpa prospect on block BM-ES-24.

At least four additional pre-salt tests are planned for 2009, including further exploration and appraisal drilling near Anadarko's recent Wahoo discovery on block BM-C-30 in the Campos basin.

"The sale of Peregrino provides us with an opportunity to strategically redeploy capital toward our lower-risk assets in the US onshore and high-impact oil projects such as Caesar/Tonga in the deepwater Gulf of Mexico and the Jubilee development offshore Ghana, both of which are anticipated to add significant volumes by 2011," says Jim Hackett, Anadarko chairman and CEO.

12/11/2008

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