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Anadarko sells part of stake off Africa for $2.6B


August 26. 2013 8:36AM
Associated Press

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(AP) Anadarko Petroleum is selling part of its stake in a property off the shores of Mozambique for $2.64 billion.


Its shares rose almost 2 percent in premarket trading Monday.


Anadarko said Sunday that Oil and Natural Gas Corp. Ltd. will purchase a 10 percent stake in the site, located in Mozambique's Rovuma Basin. Anadarko Petroleum Corp. will keep a 26.5 percent interest and remaining the property's operator. The company anticipates using net proceeds to speed up opportunities at some other projects in its portfolio.


Anadarko is one of the world's largest independent oil and gas exploration and production companies. It operates in the Rocky Mountain region, the southern U.S., the Appalachian Basin and the Gulf of Mexico. It has international operations in China, Indonesia, New Zealand, Brazil and Africa.


The deal is expected to close by year's end.


Anadarko shares rose $1.71, or 1.9 percent, to $91.51 in premarket trading about 2 hours before the market opening on Monday.


Associated Press


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