Total has completed the acquisition of Anadarko's 26.5% operated interest in the Mozambique LNG project for US$3.9bn. The project is the first LNG development in Mozambique and includes the construction of two liquefaction trains with a combined capacity of 12.88 Mt/year, with commercial operations expected to start by 2024. The project will now be owned by Total (26.5%), Mitsui (20%), OVL (10%), Mozambique's oil company ENH (15%), Beas Rovuma Energy Mozambique (10%), BPRL Ventures Mozambique (10%), and PTTEP (8.5%).
The transaction was announced in May 2019, when US oil and gas producer Occidental Petroleum offered to acquire Anadarko Petroleum, and entered into a binding agreement to sell Anadarko’s assets in Algeria, Ghana, Mozambique and South Africa to Total for US$8.8bn, contingent upon Occidental entering into and completing its proposal to acquire Anadarko. The Mozambique government expects the takeover of Anadarko by Occidental Petroleum to raise US$880m in capital gains tax.