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Project Insights

‘Superior’ Oxy Anadarko bid to see Total take on Moz LNG

Mozambique LNG will reach an FID in mid-June regardless of whether Occidental or Chevron take over Anadarko, but an Oxy buy-out would see Total acquire the asset Mozambique LNG will reach an FID in mid-June regardless of whether Occidental or Chevron take over Anadarko, but an Oxy buy-out would see Total acquire the asset.
By Leigh Elston 8 May 2019 Middle East & Africa / LNG 0 34199
The Anadarko logo on a screen at the New York Stock Exchange. (PA)

Mozambique LNG is likely to end up in the hands of Total after Anadarko declared on Monday that Occidental Petroleum’s revised takeover bid constituted a "superior proposal" to the merger agreement it has with Chevron.

If the deal goes through, the French oil major will buy Anadarko’s 26.5% stake in the Mozambique LNG project, as well as Anadarko’s other African assets, from Occidental for $8.8. billion.

The acquisition should not affect the timeframe for Mozambique LNG, which Anadarko has said will take an FID on 18 June.

However,...