Anadarko Petroleum considers sale of some natural gas assets in Mozambique

7 December 2011

New Orleans, USA, 7 Dec – The Anadarko Petroleum Corp. (APC) is considering the sale of a slice of the stake it owns in natural gas blocks in Mozambique, said Chuck Meloy, one of the group’s vice presidents at a conference in New Orleans.

“Mozambique is a tremendous asset that can be partly converted into cash,” Meloy said during a conference organised by regional investment bank Capital One Southcoast, according to financial news agency Bloomberg.

Anadarko Petroleum said last November that blocks in Mozambique’s offshore area were expected to contain natural gas reserves of between 15 trillion and 30 trillion cubic feet, thus raising a previous estimate of 10 trillion cubic feet.

The US group and its partners in blocks in Mozambique plan to build a natural gas processing unit in Mozambique and a final decision is due to be made in 2013, according to John Christiansen, a spokesman for Anadarko.

Anadarko, which had a stake in the Macondo well, agreed to pay BP US$4 billion to provide a solution to requests for compensation related to the oil spill that occurred at that well in the Gulf of Mexico in 2010. (macauhub)