Freeport-McMoRan (FCX) has completed the $2bn sale of its Deepwater Gulf of Mexico (GOM) properties to US-based Anadarko Petroleum. 

FCX also settled a stock obligation with its consolidated subsidiary,Plains Offshore Operations for $582m.

Under the agreement, the company will receive additional proceeds of up to $150m that would be paid as Anadarko realises future cash-flows in connection with a third-party agreement for the Marlin platform.

Anadarko Petroleum chairman, president and CEO Al Walker said: "As a result of closing this transaction, Anadarko now operates the largest number of floating production facilities in the deepwater Gulf of Mexico, which provides a competitive advantage to leverage this infrastructure into attractive new investment opportunities.

“The expanded portfolio of deepwater facilities provides numerous hub-and-spoke opportunities that can generate rates of return of better than 50% at today's prices."

With the acquisition, Anadarko’s ownership in the Lucius development will double to about 49% and Gulf of Mexico production would be more than 160,000 net barrels of oil equivalent (BOE) per day.

It will also add three operated deepwater facilities and bring the company’s total operated facilities to ten.

During the fourth quarter, Anadarko also added two rigs in each of its Delaware and DJ basin positions.

FCX stated it also hopes to conclude the previously announced sale of its onshore California oil and gas properties before this year-end.

Upon completion, the company’s portfolio of assets would include oil and natural gas production onshore in South Louisiana and on the GOM Shelf, oil production offshore California and natural gas production from the Madden area in Central Wyoming.

These properties produced an average of seven million barrels of oil and NGLs a day and 74 million cubic feet of natural gas a day during the third-quarter of this year.

Image: Anadarko doubled its ownership in the deepwater Gulf of Mexico Lucius development to about 49%, with closing of the Freeport-McMoRan Oil & Gas property acquisition. Photo: courtesy of Anadarko Petroleum Corporation.