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Occidental Petroleum Corp said that in connection with its proposal to acquire Anadarko Petroleum Corp, it agreed to sell Anadarko’s Algeria, Ghana, Mozambique and South Africa assets to Total SA for $8.8 billion.
That sale, which is contingent upon Occidental completing its proposed purchase of Anadarko, would make Total the fourth biggest LNG producer in the world after Qatargas, Royal Dutch Shell Plc and Petronas, according to energy consultancy Wood Mackenzie.
Total was the sixth-biggest LNG producer in the world in 2018 with stakes in projects in several countries, including the United Arab Emirates, Qatar, Nigeria, Oman, Egypt, Norway, Angola, Australia and Russia.
“The potential acquisition of Anadarko’s stake in Mozambique LNG is representative of Total’s ambitious and aggressive expansion of its LNG position,” Wood Mackenzie research director Nicholas Browne said.
Total acquired Engie SA’s LNG business in 2018 and has stakes in several projects under construction or development, including Russia’s Arctic LNG-2, Papua LNG, Nigeria’s NLNG 7, Sempra Energy’s Cameron in Louisiana and Costa Azul in Mexico, Tellurian Inc’s Driftwood in Louisiana and an expansion project in Qatar, Wood Mackenzie said.
Chevron Corp, which is currently the fifth-biggest LNG producer in the world, is also seeking to buy Anadarko.
The addition of Anadarko, however, will not immediately change the LNG output of either Total or Chevron for several years since Anadarko’s 12.9-million tonnes per annum (MTPA) Mozambique project is still in development. Anadarko has said it expected to make a final investment decision to build the project in the coming months.
Reporting by Scott DiSavino, Reuters
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From the April 2018 issue of Hydrocarbon Processing