Anadarko Petroleum group can pay capital gains obtained in Mozambique up to April 2014

26 December 2013

The US-based Anadarko Petroleum group will have until April 2014 to pay the tax due for capital gains obtained from the sale of a percentage of its stake in the Area 1 bloc, the head of Mozambique’s Tax Authority (AT) announced on Tuesday.

Last August the group sold a 10 percent portion of its 36.5 percent stake in that oil bloc to the Indian company ONGC Videsh for US$2.64 billion, but has not yet paid the tax owed.

AT chairman Rosário Fernandes declined to mention the amount the state will collect in this operation, but ensured that all technical details have been worked out and that only the deposit in state coffers remains to be done, by this coming 30 April.

During commemorations of the AT’s seventh anniversary, Fernandes said four capital gains tax operations had been carried out this year, the last one involving the Anadarko group.

Previously, the Italian group ENI sold a 20 percent portion of its 70 percent stake in the Area 4 bloc, also in the Rovuma Basin, to the China National Offshore Oil Corporation (CNOOC) for US$4.21 billion, which had a corresponding capital gains tax of US$530 million. (macauhub)