Total Extends its Role in Africa

French energy major Total said on Sunday it had reached a binding agreement with Occidental to acquire Anadarko assets in Algeria, Ghana, Mozambique and South Africa for a consideration of $8.8 billion. The firm said the transaction was contingent upon Occidental entering into and completing its proposed acquisition of Anadarko and approval of relevant authorities. The deal is expected to close in 2020. Total said the assets represented around 1.2 billion barrels of oil equivalent (boe) of 2P reserves, of which 70 percent is gas, plus 2 billion boe of long term natural gas resources in Mozambique.

SOURCES: AFRICA NEWS

Posted inNEWS