Exxon Mobil and Qatar Petroleum eye Anadarko’s Mozambique Assets

Rumors are rife that Exxon Mobil and Qatar Petroleum are eyeing Anadarko’s Mozambique  assets in what is set to become another big acquisition after the major acquisition following that by Shell last  week buying BG Group for $70 billion.

Anadarko’s 25% stake on Mozambique’s offshore Area 1 license in the gas rich Rovuma basin hold in excess of 75Tcf and are amongst of  the largest discoveries in the past years could sell in less than $7 billion with the explorer having sold another 10 percent stake to India’s ONGC for $2.64 billion although oil and gas prices have since dropped.

Last week India’s oil minister Dharmendra Pradhan on return from a trip to Mozambique announced that Oil India Ltd (OIL), its overseas subsidiary of Oil and Natural Gas Corp (ONGC) and Bharat Petroleum Corp Ltd (BCPL) will invest $6 billion to develop their Mozambique acreage over the next 48 months.

According to Reuters Royal Dutch Shell was also initially eyeing the assets although it has since backed off after acquiring assets northwards following the acquisition of BG Group which holds assets in offshore Kenya and Tanzania.

Currently Exxon Mobil which holds a large LNG portfolio is being seen as the front runner.

Exxon Mobil also holds acreage in neighboring Tanzania where together with its partner Statoil have discovered natural gas as well as in South Africa.

Other block partners Mitsui with 20% stake, ENH (15%),  PTTEP (8.5%) and BPRL (10%)

Author: OilNews

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