Anadarko Announces Sale of Production Assets in Qatar

abarrelfullabarrelfull wrote on 03 Jul 2012 13:52

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May 21, 2007

Anadarko Petroleum Corporation (NYSE:APC) today announced it has agreed to divest 100 percent of its interest in Anadarko Qatar Energy Company LLC and Anadarko Resources Company (collectively "Anadarko Qatar"), which together holds a 92.5 percent interest in Blocks 12 and 13 in Qatar, to a subsidiary of Occidental Petroleum Corporation for $350 million. Block 12 includes the Al Rayyan Field, representing all of Anadarko's production operations in Qatar and is operated by Anadarko Qatar.

Current net production from Qatar is approximately 6,000 barrels of oil per day from the Al Rayyan Field. Anadarko will retain its exploration interests in Qatar in Blocks 4 and 11.

The transaction is subject to customary closing conditions and adjustments and the approval of Qatar Petroleum. Anadarko's transaction advisor for this sale is Tristone Capital Inc.

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