Anadarko Reaps $3B From East Africa Gas Field Stake Sale

Law360, New York (August 26, 2013, 1:17 PM EDT) -- Anadarko Petroleum Corp. said Sunday that it had sold a 10 percent stake in a gas field off the coast of Mozambique to Indian state-owned oil company ONGC Videsh Ltd. for $2.6 billion, the second stake OVL has snapped up in the last three months.

The deal is expected to close by February 2014. Anadarko said it will remain the operator of Mozambique's Offshore Area 1, located in the deepwater Rovuma Basin, with a working interest of 26.5 percent.

Area 1 covers approximately 2.6 million acres...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.