U.S. Chevron Acquires Anadarko Petroleum Which Owns Assets In Algeria

Chevron, which is the second largest U.S. oil company, announced on Friday that it had reached a total agreement to buy all the shares of Anadarko Petroleum in cash and stock deal valued at $ 33 billion, or $ 65 per share. Chevron complex gave a pledge to achieve $ 2 billion a year to shareholders, the company’s statement said.

The purchase of Anadarko will enable Chevron to be significantly strengthened, especially its leading position at the largest and most attractive natural gas and shale gas projects.

“The deal would boost the strength of the company and allow it to support its leading position in the Gulf and Mexico projects and increase its liquefied natural gas activities”, Chevron Chairman and CEO Michael Wirth said.

Anadarko Chair and CEO Al Walker said; “The strategic combination of Chevron and Anadarko will form a stronger and better company with world-class assets, people and opportunities.”

A source at Sonatrach told APS that the American company Anadarko, the main producer of crude oil, was among the partners of Sonatrach company last March to re-establish production contracts in Algeria and boost its activities. The company, which produces about 260,000 barrels per day, has requested the extension of all its contracts for hydrocarbons exploitation in Algeria.

The first contract on Hassi Berkine field is expected to reach the 404 and 208 blocks in 2023 and Chevron in partnership with Sonatrach will explore the field pf Almerk in Illisi (southern Algeria), which represents one of the most important discoveries of crude in Algeria in the recent years with reserves estimated at 1.2 billion barrels of oil.