Anadarko sells part of stake in Africa property

By IVCPOST Staff Reporter

Aug 26, 2013 12:01 PM EDT

Although its shares rose by almost 2% last Monday in premarket trading, Anadarko Petroleum has decided to sell part of its stake in a Mozambique property for USD2.64 billion. Oil and Natural Gas Corp. Ltd. has agreed to purchase 10% of the stake. Anadarko would remain as property operator, while keeping a 26.5% interest in the site located in the Rovuma Basin. Proceeds from the sale would be used to open up opportunities for the other projects in Anadarko's portfolio.

The Anadarko Petroleum Company is one of the largest independent oil and gas exploration and production companies in the world. It has offices in the Rocky Mountain region, the southern U.S., the Appalachian Basin, and the Gulf of Mexico. It has international offices in China, Indonesia, New Zealand, Brazil, and Africa.

Participants would expect to close the Mozambique property deal by end of the year.

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