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Tuesday, May 28, 2019
Algeria’s new Minister of Energy, Mohamed Arkab, said that the government plans to block Total from acquiring Anadarko’s assets in the country from Occidental Petroleum.
While in the process of wooing Anadarko away from a deal with Chevron, Occidental was approached by Total who wished to acquire the US independent’s African acreage if Occidental was successful in sealing the deal. Total offered $8.8 billion for Anadarko’s assets in Algeria, Ghana, Mozambique, and South Africa.
Arkab, speaking to reporters on the sidelines of an energy conference, said: “Our ministry has contacted Anadarko to get explanations on this information, but so far we got no answer.”
“It means there is no contract between Total and Anadarko …We have good relations with Anadarko and we will do the utmost to preserve Algeria’s interests, including using our pre-emption right to block the sale,” the Minister said.
One day later Arkab clarified his statement saying he would seek a “good compromise” with the parties involved. “Sonatrach needs to maintain good ties with foreign partners to develop its programs,” Arkab told reporters, adding that state-owned Sonatrach would “preserve its interests.”
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