Algeria will stop Total from acquiring Anadarko's Algerian assets: Energy minister

Algeria will stop Total from acquiring Anadarko's Algerian assets: Energy minister
Published: 27 May 2019 - 4:30 a.m.
By: Carla Sertin

Algerian Energy Minister Mohamed Arkab reportedly told journalists at a conference that Algeria would block Total's attempt to buy Anadarko's Algerian assets from Occidental Petroleum.

"Our ministry has contacted Anadarko to get explanations on this information, but so far we got no answer," Arkab said, according to Reuters.

"It means there is no contract between Total and Anadarko...We have good relations with Anadarko and we will do the utmost to preserve Algeria's interests, including using our pre-emption right to block the sale," he added.

Occidental agreed to a $8.8bn deal which would see Total purchase Anadarko Petroleum's assets in Algeria, South Africa, Mozambique and Ghana, if Occidental completes its acquisition of Anadarko.

Reuters estimates that Anadarko's holdings in Algeria are around 260,000 barrels per day, which it says represents more than 25% of Algeria's crude production.


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