Anadarko Petroleum considering selling stakes in Mozambique gas reserves

gasfield-RoelWijnants-flickrThe Rovuma basin has 2.1 trillion cu/m of gas reserves, and Anadarko Petroleum owns a 26.5 per cent stake in the reserves. (Image source: RoelWijnants/Flickr) USA-based oil and gas explorer Anadarko Petroleum is likely to sell its multi-billion dollar stake in Mozambique’s gas reserves, with Exxon Mobil and Qatar Petroleum having expressed interest in the possible sale

Anadarko Petroleum could sell up to its complete stake of 26.5 per cent in Mozambique’s offshore Area 1 license in the Rovuma basin, said a report in Reuters. Area 1 supposedly holds more than 2.1 trillion cu/m of recoverable gas – enough to meet four years of Europe’s total gas demand.

The report stated that Exxon Mobil is considered a frontrunner in the deal, with oil industry experts saying that the deal, if it comes through, could be the first major acquisition for the company since the oil price collapse.

Earlier last week, in one of the biggest acquisitions in the industry, Royal Dutch Shell agreed to buy BG Group for US$70bn.

However, an Exxon Mobil spokesman said, “We never comment on speculation or potential business opportunities.” Officials from Anadarko and Qatar Petroleum too refrained to comment on the deal.

The USA-based explorer had initially planned to build a major liquefied natural gas (LNG) export project in Mozambique, fed by Area 1’s reserves and which would target Asian markets, but the sale process calls that into question and suggests the task will pass to whoever picks up the stake.

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