Anadarko to Use Mozambique Sale Proceeds for Shale Development

Anadarko Petroleum Corp. plans to use the funds generated from recent $2.6 billion sale in Mozambique for development of domestic shale plays, targeting the Eagle Ford and Wattenberg basins as particularly lucrative, Huston Chronicle reported Tuesday citing company officials.

In August this year, the Texas based firm sold its 10 percent interest in an offshore natural gas field in Mozambique to India’s ONGC Videsh.

Rovuma Area 1 Offshore Block in Mozambique covers approximately 2.6 million acres in the deepwater Rovuma Basin offshore Mozambique and represents the largest gas discovery offshore East Africa with estimated recoverable resources of between 35 and 65 TCF as per operator's estimates. Area 1 has the potential to become one of the world's largest LNG producing hubs with first LNG expected in 2018.

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