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France's Total completes purchase of US energy firm's assets in Mozambique LNG project

October 01, 2019/ 11:08

Moscow. The purchase has secured Total's place as the world's second-largest private global LNG player. The firm is currently in negotiations with Algeria, Ghana and South Africa for the purchase of Anadarko's assets in those African countries.

French oil giant Total has completed its $3.9 billion purchase of the US Anadarko Petroleum Corp's assets in the Mozambique LNG, the African country's first onshore liquefied natural gas (LNG) development project, the French firm said on Monday.

The sale is part of Total's deal that was struck with the US Occidental Petroleum energy giant, which bought out Anadarko for $55 billion in August, told Sputnik.

"Total announces the closing of the acquisition of Anadarko’s 26.5% operated interest in the Mozambique LNG project for a purchase price of $3.9 billion," the company said in a press release.

The French firm added that it viewed Mozambique LNG as an important asset that fits in with its strategy and expansion efforts, and would work to bring its human, technical and marketing capacities to strengthen the project's position on the LNG market.

The Mozambique LNG gas development project is expected to boost the east African country's economy significantly, creating more than 5,000 direct and 45,000 indirect jobs, the government said in July. LNG production is expected to start in 2024.

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