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Anadarko Announces Sale of Production Assets in Qatar

Source: www.gulfoilandgas.com 5/21/2007, Location: Middle East

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Anadarko Petroleum Corporation announced it has agreed to divest 100 percent of its interest in Anadarko Qatar Energy Company LLC and Anadarko Resources Company (collectively "Anadarko Qatar"), which together holds a 92.5 percent interest in Blocks 12 and 13 in Qatar, to a subsidiary of Occidental Petroleum Corporation for $350 million. Block 12 includes the Al Rayyan Field, representing all of Anadarko's production operations in Qatar and is operated by Anadarko Qatar.

Current net production from Qatar is approximately 6,000 barrels of oil per day from the Al Rayyan Field. Anadarko will retain its exploration interests in Qatar in Blocks 4 and 11.

The transaction is subject to customary closing conditions and adjustments and the approval of Qatar Petroleum. Anadarko's transaction advisor for this sale is Tristone Capital Inc.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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