US oil group Anadarko Petroleum plans to invest the cash it raised by selling a 10 percent stake in an oil block in Mozambique on shale gas fracking in the United States, the group’s chief executive Al Walker said in Houston.
In August the group sold 10 percent of its 36.5 percent stake in the Area 1 block of Mozambique’s Rovuma basin to India’s Oil & Natural Gas Corp (ONGC) for US$2.64 billion in cash.
In a phone conference to announce teh group’s third quarter results, Walker said that the cash raised in the sale would allow the group to consolidate its shale gas assets in the United States.
According to trade press reports, Walker did not, however, give details of the rate of capital gains tax owed by the group to the Mozambican state as a result of the sale to ONGC Videsh. (macauhub)