Anadarko Petroleum has signed a definitive agreement with an unnamed party to enter a joint-venture capital carry arrangement for its ownership in the Lucius development project located in the Gulf of Mexico.

"Al Walker, Anadarko president and CEO, said the agreement further enhances the capital efficiency of its investment."

Under the terms of the arrangement, the company will be carried for $556m, which is estimated to represent 100% of its expected capital obligation through the anticipated date of first production at Lucius.

Al Walker, Anadarko president and CEO, said the agreement further enhances the capital efficiency of its investment in the estimated 300-plus-million barrels of oil equivalent (BOE) Lucius development.

The company will pass on a 7.2% working interest in the Lucius development and will continue as operator with a 27.8% working interest.

"We look forward to closing this agreement and working with our prospective partner and the other Lucius co-venturers to advance this project on time and on budget toward first production in the second half of 2014," said Walker.

Lucius is located in 7,200ft of water and includes portions of Keathley Canyon Blocks 874, 875, 918 and 919.

The project will be developed by a truss spar floating production facility, which is being built to produce more than 80,000 barrels of oil a day and 450 million cubic feet of natural gas each day.

The agreement, subject to existing preferential purchase rights and other conditions, is anticipated to close in 2012.