US company Anadarko Petroleum about to reach agreement to sell 10 pct of oil block in Mozambique

20 May 2013

US oil group Anadarko Petroleum is expected to reach an agreement in the next few weeks to sell a stake in the Area 1 oil block of the Rovuma basin, in northern Mozambique, said the group’s chief executive.

Speaking to financial news agency Bloomberg at the group’s headquarters in The Woodlands, in Texas, Al Walker also said that the group had receives clear statements of interest in the stake and added that talks were underway.

“We hope to reach an agreement in the next few weeks with on of the interested parties with which we’ve been negotiating,” noted Walker, who declined to name the interested groups and companies.

The Anadarko Petroleum group plans to reduce its stake in the oil block from 36.5 percent to 26.5 percent. Its partners in the block are Japan’s Mitsui & Co. (20 percent), Indian group Videocon Industries and Indian company Bharat Petroleum, with 10 percent each, Thai state group PTT with 8.5 percent and Mozambican state company Empresa Nacional de Hidrocarbonetos with 15 percent. (macauhub)