Linn Energy signs $400M joint venture with Anadarko Petroleum

04/3/2012 | American City Business Journals · Reuters

Anadarko Petroleum and Linn Energy have agreed to jointly develop the Salt Creek field in Wyoming using enhanced oil recovery. Under the terms, Linn will get a 23% stake in the field in exchange for $400 million in future development costs. "We believe this long-life asset is unique because it is expected to deliver 10 years of steady production growth while, at the same time, providing a low base-decline rate. In addition, [carbon dioxide] can potentially be used to enhance recovery in other reservoirs and portions of the field," said Mark Ellis, chairman, president and CEO of Linn Energy.

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American City Business Journals · Reuters

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