Occidental to offload Anadarko’s Africa interests to Total if bid is successful
https://www.offshore-mag.com/articles/2019/05/occidental-to-offload-anadarko-s-africa-interests-to-total-if-bid-is-successful.htmlotal has reached an accord with Occidental to acquire Anadarko’s E&P interests in Africa for $8.8 billion, if Occidental succeeds in its bid for Anadarko.
The offshore assets include a 27% stake in the Jubilee field and 19% in the TEN fields offshore Ghana, which last year delivered gross production of 143,000 b/d; a 26.5% operated interest in Area 1 off Mozambique containing more than 60 tcf of proven deepwater gas resources, of which 18 tcf will be developed under an initial two-train project 12.8 MM metric ton/yr (14.11 MM tons/yr) LNG project, set to come into production by 2024; and exploration licenses offshore South Africa, close to Total’s recent deepwater Brulpadda gas/condensate discovery.
Overall, these assets, plus Anadarko’s field interests onshore Algeria, represent around 1.2 Bboe of 2P reserves, with 2018 equity production of 96,000 boe/d which is likely to grow to around 160,000 boe/d by 2025.
“If completed, the acquisition of Anadarko by Occidental offers us the opportunity to acquire a world class portfolio of assets in Africa, further enhancing our position as the leading IOC on the continent,†said Patrick Pouyanne, Total’s chairman and CEO....