Anadarko confirms Mozambique stake sale

|About: Anadarko Petroleum Corpor... (APC)|By:, SA News Editor

As flagged, Anadarko (APC) has agreed to sell a 10% stake in an offshore Mozambique gas field to India's Oil & Natural Gas Corp. for $2.64B. Anadarko will remain the operator of the field, called Area 1, with a working interest of 26.5%.

Anadarko expects to invest the proceeds from the sale in its North American assets, such as the Wattenberg field, Eagleford Shale, and the Permian and Powder River basins, as well as in the Gulf of Mexico.

The company also hints that it will return some of the money to shareholders. (PR)