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Anadarko Shuts Ivory Coast Operations

Source: Reuters 2/23/2011, Location: Africa

Anadarko Petroleum Corp shut its Ivory Coast operations in February because of political unrest in that country, the U.S. oil and gas company said in a filing with regulators.

"A dispute over a recent election in Cote d'Ivoire has resulted in the establishment of two rival governments," the company said in a filing with the U.S. Securities and Exchange Commission.

"Due to the uncertainty surrounding the civil and political unrest resulting from this disputed election, in February 2011, we suspended our operations in Cote d'Ivoire by declaring force majeure."

A spokesman for Anadarko did not immediately respond to a email seeking additional details.

Fresh gunfire and explosions shook Ivory Coast's main city, after forces loyal to incumbent Laurent Gbagbo moved on an area where gunmen backing his rival had repelled them a day before, witnesses said.

In Ivory Coast, Anadarko holds interests in two blocks located in the Ivorian basin, the company said in its annual SEC filing.

Shares of Anadarko rose more than 2 percent to $79.69 in afternoon trading on the New York Stock Exchange, helped by a jump in crude oil prices.

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