Bloomberg News

PetroSA Sells Anadarko Stake in S. Africa Concessions

January 03, 2012

(Corrects size of concessions in second paragraph. The story was originally published on Dec. 23.)

Dec. 23 (Bloomberg) -- PetroSA, South Africa’s state-owned oil company, sold a stake in blocks 5, 6 and 7 off South Africa’s west coast to Anadarko Petroleum Corp., marking the U.S. producer’s entry into the country.

The concessions in the Orange Basin cover 94,000 square kilometers (23.2 million acres), PetroSA said in an e-mailed statement today. Anadarko didn’t disclose the price of the purchase, John Christiansen, a spokesman for The Woodlands, Texas-based company, said in a telephone interview today.

Anadarko said last month that fields off Mozambique in east Africa may have 15 trillion to 30 trillion cubic feet of recoverable gas, compared with an earlier estimate of at least 10 trillion cubic feet. The company also has acreage off the coast of Kenya, as well as projects off west Africa.

The South African transaction is consistent with Anadarko’s overall exploration strategy, Christiansen said. The company may start to acquire seismic data for evaluation in 2013, he said.

“With the success that we’ve had in Mozambique and the acreage that we have offshore Kenya, this fits nicely with that whole east African program,” Christiansen said.

Anadarko rose 0.7 percent to $76.67 at the close in New York.

--Editors: Jessica Resnick-Ault, {Charles Siler To contact the reporters on this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net; Edward Klump in Houston at eklump@bloomberg.net

To contact the editors responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net; Tina Davis at tinadavis@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus