US Anadarko which holds assets in Algeria purchased by Chevron

April 15th, 2019

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APS : Friday, 12 April 2019

WASHINGTON – The second-largest US oil group, Chevron, announced Friday that it has reached a definitive agreement to buy all Anadarko group’s outstanding shares worth $ 33 billion, i.e. $ 65 per share.
Chevron pledged $ 2 billion in annual synergies to shareholders, the statement said.
The acquisition of Anadarko will significantly strengthen Chevron’s upstream portfolio, particularly its leading positions in large and attractive natural gas and shale basins.
The Mozambique LNG project, operated by Anadarko, will feature high on the Chevron’s priority list, which states that “Zone 1 is a project that innovative, very competitive and close to the main markets.”

The transaction will make Chevron more solid, allowing it to sustain its leadership position in the Gulf of Mexico and expand its LNG business, commented CEO Michael Wirth.
Anadarko’s CEO, Al Walker, said this “strategic consolidation would form a stronger and better company with global assets, people and opportunities.”
Anadarko, the biggest producer of crude oil among Sonatrach’s partners, decided last March to renew its production contracts in Algeria and reinforce its activities. The group that produces nearly 260,000 barrels / day in Algeria had requested the extension of all its hydrocarbon exploitation contracts, a source at Sonatrach told APS.
The first contract for the Hassi Berkine (HBNS) field where the group operates in blocks 404 and 208 expires in 2023. The group also operates in partnership with Sonatrach the El Merk deposit at Illizi which represents one of the greatest crude discoveries produced in Algeria in recent years with reserves estimated at 1.2 billion barrels of oil and condensate.