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OIL MAJOR TOTAL CLOSES PURCHASE OF ANADARKO MOZAMBIQUE LNG ASSET
10/29/2019 12:00:00 AM

French oil major Total (TOTF.PA) has completed the acquisition of Anadarko’s (APC.N) 26.5% stake in Mozambique’s liquefied natural gas project for $3.9 billion, Total said on Monday, in a deal expected to raise much-needed revenue for Mozambique.

“Mozambique LNG is a one of a kind asset that perfectly fits with our strategy and expands our position in liquefied natural gas,” Total chairman and CEO Patrick Pouyanne said in a statement.

Anadarko has agreed to be taken over by Occidental Petroleum Corp (OXY.N). Anadarko led a liquefied natural gas project in Mozambique, but was replaced by Total after the French oil major agreed to buy Anadarko’s African assets for $8.8 billion as part of the Occidental takeover.

Total will be the main operator of Mozambique LNG with a stake of 26.5%. ENH Rovuma Área Um, S.A. will own 15%, Mitsui E&P Mozambique Area1 Ltd will hold 20%, ONGC Videsh Ltd, Beas Rovuma Energy Mozambique Limited and BPRL Ventures Mozambique B.V. will all each have 10%, while PTTEP Mozambique Area 1 Limited will have 8.5%.

Total said closing operations for Anadarko assets in Algeria, Ghana and South Africa were still ongoing.

It added that nearly 90% of the Mozambique LNG production has already been sold through long-term contracts with key LNG buyers in Asia and in Europe.

The project is expected to come into production by 2024.

The Mozambique government is targeting $880 million in capital gains tax from the takeover of Anadarko Petroleum by Occidental, local newspaper O Pais reported last week.

The southern African nation is banking on its massive natural gas reserves to lift millions out of poverty.

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