HOUSTON – Anadarko Petroleum Corp. (NYSE:APC) has agreed to sell a 10% interest in Mozambique Offshore Area 1 to OGNC Videsh Ltd. for $2.64 billion in cash.
Anadarko will retain 26.5% following the closing of the sale, expected before year-end.
ONGC also has agreed to acquire additional interest in Area 1 from Videocon. That deal is pending.
Area 1 is in the deepwater Rovuma basin and holds the Prosperidade and Golfinho/Atum natural gas fields with a combined estimated 35-65 tcf of recoverable gas reserves. Development of an LNG park with first cargoes in 2018 is under way.
Partners in Area 1 also include Mitsui E&P Mozambique Area 1 (20%), BPRL Ventures Mozambique (10%), Videocon Mozambique Rovuma 1 (10%), and PTT Exploration & Production (8.5%). Empresa Nacional de Hidrocarbonetos has a 15% interest carried through the exploration phase.