Wednesday, August 28, 2013

Anadarko sells a Natural Gas stake in Mozambique

Anadarko Petroleum (APC) sold a 10% stack of their natural gas development block offshore Mozambique for $2.64B in cash to India’s state-controlled energy company ONGC Videsh.  Anadarko now controls a 26.5% working interest in the project off the coast of the country.   This extra cash will help the company fund its’ plans to invest $5.5B in the US to boost oil production during 2013.  The news caused Anadarko to move past $93 today, touching a new 52-week high of $93.12.

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