Petroleum Africa
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Tuesday, August 27, 2013
US independent Anadarko Petroleum Corp. has entered into a definitive agreement with Indian firm ONGC Videsh Ltd. (OVL), a subsidiary of ONGC, to sell OVL a 10% stake in Mozambique’s Offshore Area 1. Under the agreement OVL will pay Anadarko $2.64 billion in cash.
Anadarko will remain the operator of Area 1 with a working interest of 26.5%. The transaction is expected to close around the end of 2013, and is subject to existing preferential rights, governmental approvals and other customary closing conditions.
“This transaction demonstrates our continuing ability to create substantial value through exploration and to again accelerate the value of our longer-dated projects through attractive monetizations and third-party capital,” Anadarko chairman, president and CEO Al Walker said.
“Mozambique LNG is a premier global energy project, and we look forward to working with our partners and the government to advance this world-class development.
“As the operator of Area 1, we are very pleased to have reached this agreement with OVL, which values our pre-transaction interest at more than $9.6 billion.”
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