Mozambique: Anadarko reaches deal with Indian firm

anadarkopetroleumcorporation04 September 2013, Maputo — US company Anadarko Petroleum has announced “a definitive agreement” with the Indian company, ONG Videsh to sell it a 10 per cent interest in Offshore Area One of Mozambique’s Rovuma Basin, off the coast of the northern province of Cabo Delgado.

ONGC Videsh, which is a wholly owned subsidiary of India’s state-owned Oil and Natural Gas Corporation, ONGC, will pay Anadarko 2.64 billion US dollars.

“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,” said Anadarko Chairman Al Walker, cited in a company press release.

“Mozambique LNG (Liquefied Natural Gas) is a premier global energy project”, he added, “and we look forward to working with our partners and the government to advance this world-class development,” he added.

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