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.

The company will pass on a 7.2% working interest in the Lucius development located in 7,200ft of water and includes portions of Keathley Canyon Blocks 874, 875, 918 and 919.

It will continue as operator with a 27.8% working interest.

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

"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.

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 deal will close in 2012, subject to existing preferential purchase rights and other conditions.