(MENAFN- The Peninsula) Texas-based Anadarko Petroleum said it had agreed to sell a 10-percent stake in a natural gas field off the coast of Mozambique for $2.64bn cash to an Indian corporation.
Anadarko said in a statement late on Sunday that it had entered an agreement with ONGC Videsh, a subsidiary of Indian multinational Oil and Natural Gas Corporation, to sell part of its stake in Mozambique's Offshore Area 1.
Anadarko, one of the world's largest oil and gas exploration and production companies, will remain the Area 1 operator, with a working interest of 26.5 percent down from 36.5 percent.
The transaction is expected to close in late 2013. Area 1, located in Mozambique's deepwater Rovuma Basin "holds an estimated 35 to 65-plus trillion cubic feet (tcf) of recoverable natural gas resources."
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