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Total and Algeria to discuss Anadarko assets

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According to Reuters, Total Chief Executive Patrick Pouyanne has said that the company will meet Algerian authorities for discussions regarding its plans to buy Anadarko’s assets in the country, and is not concerned by recent reports that Algiers would block a deal.

Pouyanne said: “We will meet Algerian authorities very soon.

“We are not worried. It is normal that authorities seek to have dialogue with their principal partners and Total is one of the partners of Algeria.”

Reuters reports that, when asked about his previous assertion that Algiers would block the deal, the Algerian energy minister said that he would look to reach a ‘good compromise’.

According to Reuters, Occidental Petroleum has reached an agreement to sell Andarko’s assets in Ghana, Algeria, Mozambique and South Africa to Total for a combined US$8.8 billion, should the company be successful in its takeover of Anadarko.

The Total Chief Executive said: “The (Anadarko) deal demonstrates our capacity to be opportunistic and agile.

“Anadarko assets representing around 3 billion bbl of reserves resources which we’ll acquire for US$8.8 billion are plainly at the heart of our growth strategy focused on our strengths, Africa and LNG in Mozambique, Africa and deep offshore in South Africa and Ghana, and in Algeria.”

Pouyanne went on to say that the agreement would also improve the company’s number 2 position in the global LNG business, and that it would not negatively affect its shareholder return policy.

“I would even say the opposite because this acquisition will generate a positive net cash flow from 2020, even if the price oil is less than US$50 dollars per barrel.”

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