[2019-09-30] Total Group now controls Anadarko Petroleum’s assets in Mozambique

Source: Macauhub

The sale of the assets of the Anadarko Petroleum group in the Area 1 block of the Rovuma basin, in Mozambique’s Cabo Delgado province, by the Occidental Petroleum group to French group Total has been concluded, according to a statement from Mozambican Presidency released on Friday.

The statement said that President Filipe Nyusi on Friday had an audience in the city of Chimoio, capital of the central province of Manica, with Vicki Hollub, chair and chief executive of US group Occidental Petroleum, and Patrick Pouyaanné, chairman and CEO of French group executive Total.

A number of topics were discussed, including the latest developments in the oil and gas sector in Mozambique, such as Occidental Petroleum’s acquisition of the Anadarko Petroleum group’s assets and Total’s entry into the Area 1 block.

The Occidental Group entered into a definitive purchase and sale agreement on 8 August with Total S.A., under which the French group acquired all Anadarko Petroleum assets in South Africa, Algeria, Ghana and Mozambique, including all holdings of Anadarko Moçambique Area 1.

The Anadarko Petroleum group’s purchase and sale agreement cost the Occidental group US$55 billion, including debt, and the debt-free assets of the group acquired in Africa were sold on to the Total group for US$8.8 billion.

The statement from the Presidency said that this deal will provide the state with a tax on capital gains of US$880 million, which could enter the Mozambican Treasury later this year.