Anadarko Considering Joint Venture in Mozambique
Anadarko Petroleum Corp. is considering a joint venture to monetize up to a third of its interests in Mozambique.
Anadarko's vice president for investor relations, John Colglazier, told analysts at a conference Wednesday that a joint venture would help the company share the costs of developing its massive gas discovery off the coast of Mozambique.
"It's a pretty significant piece of the portfolio for something that's not producing," Mr. Colglazier said. "We've said we'd consider monetizing up to a third of our interest...to help us out and probably minimize portfolio risk."
Large natural-gas discoveries off the coasts of Mozambique, Tanzania and Kenya have transformed East Africa into one of the world's most promising energy provinces and attracted attention from oil and gas companies that want to buy their way into the discovery.
Earlier this year, Shell tried to access Mozambique gas by attempting to acquire Cove Energy PLC, which had a stake in the offshore Mozambique gas field, but was outbid by Thailand's PTT Exploration and Production PC.
Mr. Colglazier said there are an estimated 35 trillion to 65 trillion cubic feet of recoverable natural gas in the offshore fields of Mozambique, and there is more potential for discovery. The company anticipates it will begin selling gas from the area in 2018.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Canadian Offshore Oil Interest Grows As Pipeline Woes Sink Alberta Prices (Dec 20)
- 4 Ways Agile Sourcing Can Lead Enterprises to Success (Nov 10)
- Gadfly: Anadarko Woke Up, and It Really Smells the Coffee (Nov 01)