Just in: Anadarko Moçambique Área 1 affirms commitment to LNG project – Press Release

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Just in: Anadarko Moçambique Área 1 affirms commitment to LNG project – Press Release

11:37 CAT | 16 Aug 2019

in file CoM

Anadarko Moçambique Área 1 (“AMA1”) is pleased to confirm the successful completion of the acquisition of Anadarko Petroleum Corporation (“Anadarko”) (NYSE: APC) by Occidental Petroleum Corporation (“Occidental”) (NYSE: OXY) as of August 8, 2019 (the “Merger”). As a result of the Merger, Anadarko and AMA1 will continue to exist as wholly owned subsidiaries of Occidental, with the pre-Merger shareholders of Anadarko owning approximately 16% of Occidental’s outstanding common stock.

As previously announced, on August 3, 2019, Occidental entered into a definitive Purchase and Sale Agreement with Total S.A. (“Total”), pursuant to which Total will acquire all of Anadarko’s Algeria, Ghana, Mozambique and South Africa assets, including all of Anadarko’s shareholding in AMA1 (the “Transaction”). The Transaction is expected to close promptly following receipt of all requisite approvals. Occidental and Total are committed to AMA1’s operations in Mozambique and are confident that the Transaction will have no adverse impact on AMA1’s business in Mozambique.

“Occidental is strongly committed to ensuring that during the period of its ownership of AMA1, the direction and schedule of the project remain unchanged. During my discussions with the CEO of Total, Patrick Pouyanné, he has underlined Total’s strong commitment for the project and to build on the strong foundations established by Anadarko. As a result, I am confident that the close partnership that Anadarko has established with Mozambique will continue and become stronger,” said Occidental President and Chief Executive Officer, Vicki Holub.
Patrick Pouyanné, CEO of Total, affirmed Total’s commitment to the Mozambique LNG project:

“I would like to reaffirm the importance of Mozambique LNG for Total, where we will become the operator. This is a unique asset which perfectly fits our strategy and our skills. Please be assured of the commitment of Total to bring the best of our human, technical and financial capacities to further strengthen the project execution on the basis of strong foundations established by Anadarko and its partners and implement the Mozambique LNG project in the interests of all those involved, including the government and people of Mozambique.”

Anadarko Moçambique Área 1, Lda, operates Offshore Area 1 with a 26.5 percent working interest. Co-venturers include ENH Rovuma Área Um, S.A. (15 percent), Mitsui E&P Mozambique Area 1 Ltd. (20 percent), ONGC Videsh Ltd. (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique B.V. (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent).

Source: Mozambique LNG