Anadarko Bids out Mozambique Gas Sale

By Marc Castro

Mar 05, 2013 11:34 AM EST

The partnership between Anadarko Petroleum Corp and Indian tycoon Venugopal Dhoot is auctioning off its twenty percent stake in a Mozambique gas field. The interest is expected to fetch US$4.5 billion according to insiders of the transaction.

The interest is located in the Rovuma offshore field and is considered one of the top areas for gas reserves in the African nation, expecting to yield 150 trillion cubic feet. The projected supply is expected to compete with other major LNG suppliers Australia and Qatar for the Asian market, specifically Japan.

Dhoot is the majority stockholder for Videocon Group, a mobile phone services firm and is leading the auction process. The partners have hired Standard Chartered Bank and UBS to manage the sale.

Also located in the region is Cove Energy Plc, which was purchased by Thai state oil company PTT Exploration and Production PCL, besting Royal Dutch Shell Plc for the 8.5% interest in the field. 

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