Algeria is considering rejecting the acquisition of Anadarko Petroleum Corp.'s Algerian assets by Total SA, according to a May 26 report from Reuters, citing Algerian Energy Minister Mohamed Arkab.
"Our ministry has contacted Anadarko to get explanations on this information, but so far we got no answer," Reuters quoted Arkab as saying. "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."
Occidental Petroleum Corp. has agreed to sell Anadarko's assets in Algeria, Ghana, Mozambique and South Africa to Total for $8.8 billion, contingent on the completion of Occidental's acquisition of Anadarko.
Anadarko's holdings in Algeria represent about 260,000 barrels of oil per day, which is more than 25% of the country's crude production, the report said.