Target for farm-out at Area 1

By Iain Esau

 07 February 2013 23:59 GMT

Anadarko Petroleum continues to target late 2013 fgor the completion of a proposed farm-out of a 10% stake in its gas-rich Area 1 off Mozambique, the resources of which will feed an $18 billion onshore liquefaction plant, writes Iain Esau.

Company chief executive Al Walker confirmed the US player began “quietly” marketing this stake early last month.

He said that if Anadarko is offered the “right consideration, terms and conditions”, the operator’s stake would fall from 36.5% to 26.5%, with any agreement to be concluded about the same time as a final investment decision is taken on the liquefied natual gas project.

Separately, Indian conglomerate Videocon has also opened a data room to offload its own 10% stake in Area 1.

Six companies are reportedly interested in Videocon’s holding, including India’s state-owned Oil &…

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