Anadarko sells part of stake off Africa for $2.6B
Aug. 26, 2013
HOUSTON (AP) — Anadarko Petroleum is selling part of its stake in a property off Mozambique for $2.64 billion.
Its shares rose almost 2 percent in premarket trading Monday.
Anadarko said 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 remain the property's operator. The company anticipates using net proceeds to speed up opportunities at 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 U.S. and 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.