Continental Focus, International Reach

Total CEO to Meet with Algerian Officials

Thursday, May 30, 2019

Total CEO, Patrick Pouyanne, will meet with Algerian authorities to discuss its plans to buy Anadarko Petroleum’s assets in the North African country. The French firm has entered into a deal with Occidental Petroleum, who is acquiring Anadarko, to buy all of the US independent’s African assets once the buy-out of Anadarko is complete.

Earlier Algerian authorities said that they would not allow Total’s buy of Anadarko’s assets in the country. Later, Minister of Energy Mohamed Arkab clarified the statement saying he would seek a “good compromise” with the parties involved.

Pouyanne said he was not worried by earlier reports that the government would block the deal.

The Total CEO said the deal will strengthen his firm’s position as number two in global LNG and that it will not harm the company’s shareholder return policy – “I would even say the opposite because this acquisition will generate a positive net cash flow from 2020, even if the price oil is less than $50/barrel.”

The Total takeover of the assets will not happen overnight as officials could take months to decide to give the deal a green light.