NEW YORK Aug 25 Anadarko Petroleum Corp
said it agreed to sell a 10 percent stake in a gas field
offshore Mozambique to a unit of India's Oil & Natural Gas Corp
for $2.64 billion in cash, as the U.S. oil company
looks to focus more on its domestic assets.
The deal for Mozambique's offshore Area 1 is expected to
close around the end of this year, Anadarko said.
ONGC faces diminishing supplies from its aging oil and gas
fields in India and has been buying interests in overseas
ONGC Videsh, the Indian company's overseas arm, recently
paid $2.48 billion for a 10 percent stake in another Mozambique
gas field from India's Videocon Group.
Anadarko also said it will remain the operator of Area 1
with a working interest of 26.5 percent in the block, which is
located in Mozambique's deepwater Rovuma Basin.
The Rovuma field has the potential to become one of the
world's largest liquefied natural gas (LNG) producing hubs by
2018, and is strategically located to supply gas to India at
Recent discoveries have turned the Rovuma offshore field
into a major draw for global energy producers and boosted
Mozambique's natural gas reserves to around 150 trillion cubic
feet, or enough to supply the world's No. 1 LNG importer - Japan
- for 35 years.