The Wall Street Journal 25 Aug 2013
Anadarko Petroleum Corp. APC +0.60% said Sunday that it has agreed to sell a stake in a natural-gas field off the coast of Mozambique to a subsidiary of India’s Oil & Natural Gas Corp. 500312.BY -1.71% for $2.64 billion.
The Woodlands, Texas, energy-exploration company had said for months that it was looking to sell a portion of its interests in Mozambique’s deep-water Rovuma Basin, which is estimated to contain 35 to 65 trillion cubic feet of recoverable natural gas.
Sunday’s all-cash sale to ONGC Videsh Ltd., which an analyst said puts the highest value yet on the Mozambique natural-gas project, will reduce Anadarko’s working interest in the area to 26.5% from 36.5%.
Anadarko and its partners, as well as Italian oil company Eni SpA, ENI.MI -0.98% which operates an adjacent field, expect the project to begin delivering liquefied natural-gas cargoes in 2018. Anadarko will continue to work as the project’s operator.