M&A Deal Summary

Occidental Petroleum Acquires Anadarko Petroleum - Africa Assets

On May 21, 2007, Occidental Petroleum acquired oil/gas exploration company Anadarko Petroleum - Africa Assets from Anadarko Petroleum for 350M USD

Acquisition Highlights
  • This is Occidental Petroleum’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Occidental Petroleum’s 6th largest (disclosed) transaction.
  • This is Occidental Petroleum’s 1st transaction in South Africa.
Investment Fate
  • Anadarko Petroleum - Africa Assets was divested to a consortium of strategic buyers in 2019 for 8.8B USD.

M&A Deal Summary
Date 2007-05-21
Target Anadarko Petroleum - Africa Assets
Sector Oil/Gas Exploration
Buyer(s) Occidental Petroleum
Sellers(s) Anadarko Petroleum
Deal Type Divestiture
Deal Value 350M USD

Target

Anadarko Petroleum - Africa Assets

South Africa
Anadarko Petroleum Corp. - Africa Assets are Algeria: 24.5% participating interest and operatorship of blocks 404a and 208 (Hassi Berkine, Ourhoud, and El Merk fields) in the Berkine basin in which Total already owns 12.25%. These fields represented a gross production of 320 kboe/d in 2018. Ghana: 27% participating interest in the Jubilee field and 19% participating interest in the TEN fields. These fields represented a gross production of 143 kb/d in 2018. Mozambique: 26.5% participating interest and operatorship in Area 1 where a 12.8 million tonne per year LNG project is largely derisked and close to sanction. Area 1 contains more than 60 Tcf of gas resources, of which 18 Tcf will be developed with the first two train project which is expected to come into production by 2024. South Africa: exploration licences, close to Total’s recent Brulpadda discovery.

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Buyer(S) 1

Buyer

Occidental Petroleum

Houston, Texas, United States
Category Company
Founded 1920
Sector Oil/Gas Exploration
Employees11,800
Revenue 28.3B USD (2023)
DESCRIPTION

Occidental Petroleum is an oil and gas exploration and production company. Occidental is an industry provider in applying advanced technology to boost production and access hard-to-recover reserves. Occidental Petroleum was founded in 1920 and is based in Houston, Texas.

DEAL STATS #
Overall 4 of 9
Sector (Oil/Gas Exploration) 2 of 5
Type (Divestiture) 1 of 2
Country (South Africa) 1 of 1
Year (2007) 1 of 1
Size (of disclosed) 6 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-30 Vintage Petroleum

Tulsa, Oklahoma, United States

Vintage Petroleum, Inc., a production of crude oil and natural gas.

Buy $1.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-05-01 Bold Energy

Midland, Texas, United States

Bold Energy LP is an independent oil and gas acquisition and development company.

Buy -

Seller(S) 1

SELLER

Anadarko Petroleum

The Woodlands, Texas, United States
Category Company
Founded 1959
Sector Oil/Gas Exploration
Employees5,800
Revenue 12.9B USD (2018)
DESCRIPTION
Anadarko Petroleum's corporate headquarters in The Woodlands, Texas.
Anadarko Petroleum's corporate headquarters in The Woodlands, Texas.

Anadarko Petroleum Corp. is an independent oil and natural gas exploration and production company. Anadarko Petroleum was formed in 1959 and is based in The Woodlands, Texas.

DEAL STATS #
Overall 4 of 10
Sector (Oil/Gas Exploration) 4 of 9
Type (Divestiture) 4 of 9
Country (South Africa) 1 of 1
Year (2007) 3 of 4
Size (of disclosed) 8 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-25 Williston Basin Acquisition

United States

Williston Basin Acquisition LLC engages in oil and gas exploration and production.

Sell $410M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-06-04 Anadarko Chaney Dell and Midkiff -Benedum Gas

The Woodlands,, Texas, United States

Anadarko Chaney Dell and Midkiff -Benedum Gas, consists of Chaney Dell and Midkiff/Benedum natural gas gathering systems and associated processing plants.

Sell $1.9B
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