Home›Procurement News›Mozambique : ANADARKO PETROLEUM signs deal to sell 10% interest in offshore Mozambique NATURAL GAS BLOCK
Procurement And Tender News
Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.
Mozambique : ANADARKO PETROLEUM signs deal to sell 10% interest in offshore Mozambique NATURAL GAS BLOCK
Publish Date : 27-Aug-2013
A deal was inked by the Anadarko Petroleum Corp.to sell a 10 percent interest in an offshore Mozambique natural gas block to Indian company ONGC Videsh for $2.64 billion.
Anadarko is to remain the operator of what is known as Mozambique's Offshore Area 1 and will also have a working interest of 26.5 percent.Anadarko is grounded in The Woodlands
It is anticipated by the company to utilize the proceeds to accelerate short- and medium-term opportunities for oil and liquids projects in the United States, like in the Eagle Ford Shale and Permian Basin, among others. Andarako also cited opportunities in the Gulf of Mexico.
Area 1 has the capability to become one of the world's biggest producing liquified natural gas hubs. ONGC Videsh is a subsidiary of Oil and Natural Gas Corp.
As per Anadarko CEO Al Walker, "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. Mozambique LNG is a premier global energy project, and we look forward to working with our partners and the government to advance this world-class development."
Anadarko Mozambique Area 1 Limitada has operated the Area 1 and is situated in Mozambique's deepwater Rovuma Basin.
The block contains the Prosperidade and Golfinho/Atum natural gas complexes that combined hold an estimated 35 to 65-plus trillion cubic feet of recoverable natural gas resources.
Anadarko, its partners, and Eni n cooperation with the Government of Mozambique are functioning to formulate LNG park with first LNG cargoes anticipated in 2018.
