Anardarko Petroleum Corporation has signed an agreement to divest 10% of its interest in the Mozambique Liquefied Natural Gas (LNG) prospect to ONGC Videsh Ltd, an operating wing of India's Oil and Natural Gas Corporation Limited. The transaction is priced at US$2.64 billion and will be concluded by late 2013.
The deal is subject to existing preferential rights, governmental approvals and other customary closing conditions. Despite the divestment, Anardako Petroleum will continue to be the majority interest holder and operator in the Mozambique offshore Area 1 field.
The company intends to plough back the sale proceeds to its domestic high-growth drilling opportunities - the Watterberg field, Eagleford Shale, Permain and Powder River basins, as well as the Gulf of Mexico.
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