Audio By Carbonatix
French energy major Total said 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.
It added that despite the capital investment in Mozambique LNG, the acquisition is expected to be free cash flow positive from 2020 even at a Brent price of less than $50 per barrel and to generate more than $1 billion a year of free cash flow from 2025 onwards after start-up of Mozambique LNG.
The firm confirmed its previously announced shareholder return policy from 2018 to 2020.
Latest Stories
-
Russia charges Telegram founder Durov with facilitating terrorism
10 minutes -
Longstanding passion for tourism inspired my PhD pursuit – Chief of Staff
11 minutes -
Jared Leto faces new allegations from women who say encounters occurred when they were teenagers
15 minutes -
I have reason to doubt Hanan’s medical excuse – Deputy AG to Court
19 minutes -
Industrial Area building collapse investigation continues as suspect gets bail
21 minutes -
Former Goldman banker paid bribes to officials in Ghana – US tells jury
35 minutes -
Government underspending on healthcare despite GH¢34.1bn allocation – Dr Kingsley Agyemang claims
44 minutes -
Thousands in Spain return home but new heatwave raises wildfire fears
45 minutes -
Supreme Court’s OSP decision preserves AG’s powers, but exposes reform gaps — Barker-Vormawor
45 minutes -
Gang-related violence spreading from tertiary institutions to senior high schools – GES
55 minutes -
Minority accuses government of starving health sector, warns of growing public health crisis
55 minutes -
ISOC Ghana urges policy reforms to expand community networks and bridge rural digital divide
55 minutes -
GES calls on parents, society to take responsibility to address growing indiscipline in schools
58 minutes -
Mid-Year Budget Review: Economy makes remarkable progress, but overall success depends on maintaining fiscal discipline
1 hour -
Mid-Year Budget Review: Abuakwa South MP challenges gov’t’s silence on major hospital projects
1 hour