Completion of the acquisition process of the Anadarko Petroleum Corporation group will lead to French group Total becoming the operator of the Area 1 block in the Rovuma basin, Mozambique, according to official statements.
The takeover bid by the Occidental Petroleum Corporation group on Friday was approved by 99% of Anadarko Petroleum Corporation group shareholders at an extraordinary general meeting.
The purchase cost US$55 billion, including taking on the debt of the Anadarko Petroleum Corporation group.
Last May, Occidental Petroleum Corporation announced that it had reached an agreement with Total to sell Anadarko Petroleum Corporation’s assets in Africa for US$8.8 billion, dependent upon the completion of the purchase of the Anadarko group.
Anadarko Petroleum was present in four African countries – South Africa, Algeria, Ghana and Mozambique – in the latter as a natural gas project operator with proven reserves of 75 billion cubic feet in the Area 1 basin block located in the Rovuma basin.
The Anadarko Petroleum Corporation group operated that block through its wholly-owned subsidiary Anadarko Mozambique Área 1, Ltd, with 26.5%, where its partners were ENH Rovuma Área Um, a subsidiary of the Mozambican state-owned Empresa Nacional de Hidrocarbonetos (ENH), with 15%, Mitsui E&P Mozambique Area1 Ltd. (20%), ONGC Videsh Ltd. (10%), Beas Rovuma Energy Mozambique Limited (10%), BPRL Ventures Mozambique B.V. (10%), and PTTEP Mozambique Area 1 Limited (8.5%). (Macauhub)