Breaking News Bar
updated: 8/26/2013 7:21 AM

Anadarko sells part of stake off Africa for $2.6 billion

hello
Success - Article sent! close
 
Associated Press

HOUSTON -- Anadarko Petroleum is selling part of its stake in a property off the shores of Mozambique for $2.64 billion.

Its shares rose almost 2 percent in premarket trading Monday.

Anadarko said Sunday that Oil and Natural Gas Corp. Ltd. will purchase a 10 percent stake in the site, located in Mozambique's Rovuma Basin. Anadarko Petroleum Corp. will keep a 26.5 percent interest and remaining the property's operator. The company anticipates using net proceeds to speed up opportunities at some other projects in its portfolio.

Anadarko is one of the world's largest independent oil and gas exploration and production companies. It operates in the Rocky Mountain region, the southern U.S., the Appalachian Basin and the Gulf of Mexico. It has international operations in China, Indonesia, New Zealand, Brazil and Africa.

The deal is expected to close by year's end.

Anadarko shares rose $1.71, or 1.9 percent, to $91.51 in premarket trading about 2 hours before the market opening on Monday.

Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    Winner - 2015 Best Website
    Illinois Press Association
    Illinois Press Association