Under the terms of the agreement, the oil and natural gas company has agreed to pay $400m over the next three to six years for Anadarko’s development costs and another $200 million for a 23% stake in the field.
Anadarko has been utilising CO2 to develop the field since 2004 and additional development related to the joint venture is expected to double current production by 2015.
LINN Energy chairman president and chief executive officer Mark Ellis said, "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.
