- France’s Total SA said on Sunday it has agreed with Occidental Petroleum Corp to acquire the African assets of Anadarko Petroleum Corp for $8.8 billion, should the two U.S. oil and gas companies clinch a deal to combine.
The bidding war for Anadarko underscores the value of its assets in the lucrative Permian Basin of West Texas and New Mexico. The vast shale field holds oil and gas deposits that can produce supplies for decades using low-cost drilling techniques. The sale to Total would account for the majority of the between $10 billion and $15 billion of divestments Occidental said it would seek to fund the proposed Anadarko acquisition, while easing the amount of integration work, Occidental said.
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