France’s Total group has guaranteed its commitment to the natural gas project in the Rovuma Basin, despite the level of insecurity in northern Mozambique’s Cabo Delgado province, indicates a statement released on Friday.
Total is set to become the operator of the Area 1 block with a stake of 26.5 percent, following the acquisition of the Anadarko Petroleum Corporation group by the Occidental Petroleum Corporation group, a deal worth US$55 billion.
Last 5 May, the Total group announced that it had reached a binding agreement with the Occidental Petroleum Corporation group to buy for US$8.8 billion the assets in Africa of the Anadarko Petroleum Corporation group, situated in four countries: South Africa, Algeria, Ghana and Mozambique.
“The transaction depends on the Occidental group buying the Anadarko group and approval by the relevant bodies, and should be completed in 2020,” indicated the statement issued at that time.
While the assets in three of the four countries do not face problems, Mozambique’s case is different, as the respective province has been targeted by attacks led by radical Muslims since October 2017.
Total group CEO Patrick Pouyanné reiterated commitment to the natural gas project in the Area 1 block on Friday, stating that it was an asset “that perfectly fits our strategy.” (Macauhub)