HomeIndustry SectorsBusiness and marketsLeading developer of Mozambique’s LNG project, Anadarko has been sold

Leading developer of Mozambique’s LNG project, Anadarko has been sold

An international oil and gas company, Occidental Petroleum Corporation has successfully completed the acquisition of Anadarko Petroleum Corporation.

The transaction is valued at $55 billion, including the assumption of Anadarko’s debt.

Anadarko has been the leading developer of an LNG project relating to Rovuma Offshore Area 1 Block (Area 1) in the Republic of Mozambique.

“With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders,” said Vicki Hollub, President and CEO.

Hollub added: “We expect to deliver at least $3.5 billion annually in cost and capital spending synergies and the focus of our board and management team is on execution to achieve the promise of this exciting combination. We look forward to updating the market on our continued progress in the months ahead.”

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The closing of the transaction follows approval of the transaction by Anadarko’s shareholders at a Special Meeting held in August.

More than 99% of the shares voted at the Special Meeting were in favour of the Occidental merger agreement.

Anadarko shareholders are receiving $59.00 in cash and 0.2934 shares of Occidental common stock per share of Anadarko common stock in the transaction.

Babalwa Bungane
Babalwa Bungane is the content producer for ESI Africa - Clarion Events Africa. Babalwa has been writing for the publication for over five years. She also contributes to sister publications; Smart Energy International and Power Engineering International. Babalwa is a social media enthusiast.