Anadarko Announces $2.64 Billion All-Cash Transaction for Portion of Offshore Mozambique Block

Source: Anadarko

HOUSTON, TX, August 26, 2013 - Anadarko Petroleum Corporation (NYSE: APC) today announced it has entered into a definitive agreement with ONGC Videsh Ltd. (OVL), a wholly owned subsidiary of Oil and Natural Gas Corporation Limited, to sell a 10-percent interest in Mozambique’s Offshore Area 1 (Area 1) for $2.64 billion in cash. Anadarko will remain the operator of Area 1 with a working interest of 26.5 percent.

This transaction demonstrates our continuing ability to create substantial value through exploration and to again accelerate the value of our longer-dated projects through attractive monetizations and third-party capital,” Anadarko Chairman, President and CEO Al Walker said. “Mozambique LNG is a premier global energy project, and we look forward to working with our partners and the government to advance this world-class development.

As the operator of Area 1, we are very pleased to have reached this agreement with OVL, which values our pre-transaction interest at more than $9.6 billion. We expect to use the net proceeds from this transaction to further accelerate the short- and intermediate-term oil and liquids opportunities we have in the Wattenberg field, Eagleford Shale, Permian and Powder River basins, as well as the Gulf of Mexico and other evolving plays in our portfolio. Our objective with this allocation of capital will be to further increase our cash-flow growth with attractive wellhead margins, while providing additional value to our shareholders as evidenced by our recent dividend increase and continued portfolio-management activities.”

The transaction is expected to close around the end of 2013, and is subject to existing preferential rights, governmental approvals and other customary closing conditions.

Area 1 is operated by Anadarko Moçambique Area 1 Limitada (a wholly owned indirect subsidiary of Anadarko) and is located in Mozambique’s deepwater Rovuma Basin. The block contains the Prosperidade and Golfinho/Atum natural gas complexes that combined hold an estimated 35 to 65-plus trillion cubic feet (Tcf) of recoverable natural gas resources. In cooperation with the Government of Mozambique, Anadarko, its partners, and Eni (as the operator of the adjacent Area 4 block) continue to advance the development of an LNG park with first LNG cargoes expected in 2018.

Anadarko’s partners in Area 1 include Mitsui E&P Mozambique Area 1, Limited (20 percent), BPRL Ventures Mozambique B.V.(10 percent), Videocon Mozambique Rovuma 1 Limited (10 percent) and PTT Exploration & Production Plc (8.5 percent). Empresa Nacional de Hidrocarbonetos, E.P.’s (ENH) 15-percent interest is carried through the exploration phase.

Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2012, the company had approximately 2.56 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent exploration and production companies. For more information about Anadarko and APC Flash Feed updates, please visit

African Century Real Estate Palma Developments Break Ground

Source: African Century

MAPUTO - August 14th, 2013 - African Century Real Estate Mozambique begins work on the construction of the condominium “Palma Residences” and “Palma Industrial Park”.

The discovery of large reserves of hydro carbonates, in the Rovuma Basin, attracts both national and international companies. In the Cabo Delgado province there are new jobs, services and high expectations. The region requires housing solutions and logistical infrastructures.

As development happens in Africa, African Century Real Estate (ACRE), invests in real estate in areas located in the North of Mozambique.

The first stone was laid in July 2013 with “Palma Industrial Park” and the residential complex “Palma Residences”. ACRE is finalizing the architectural project for the construction of the “Palma Business Hotel”, to begin in 2014.

The condominium housing “Palma Residences” bring real estate solutions for the big changes and increase in demand occurring in the region. The “Palma Industrial Park” provides essential infrastructure to support the development of light industry.

“Palma Residences” – follows a construction plan that will provide its first habitable units, in line with an urban model, in February 2014. Each house constitutes of two bedrooms, two bathrooms, a kitchenette, a large living room and a comfortable terrace. The complex’s communal infrastructures include a pool and a leisure area. There will also be parking and 24h security provided.

“Palma Industrial Park” – has foreseen the construction of 21 warehouses (2 mins from Palma) 600 m2 with a patio of 300 m2 in total. Each warehouse will have an area of 40mx15m and a height between 6 – 10m, according to the Client´s needs. The construction of the 1st warehouse is due to end in November 2013.

Pedro Pinto, Executive Administrator of ACRE Mozambique, stresses “the importance of local architecture for the development of the regions and the promotion of social responsibility and environmental values” wherever African Century invests.