Tuesday, December 12, 2006

Anadarko outlines plans to sell additional assets - reports

Anadarko Petroleum, a listed, Texas-based oil and gas exploration and production company, said Tuesday it plans to sell at least USD 5bn in additional assets, according to reports.
Anadarko plans to sell its Venezuelan assets, a quarter of its interest in the K2 project in the deepwater Gulf of Mexico, its production assets in Qatar, drilling projects in the Rockies and assets in north Louisiana and west Texas, the reports said.
Anadarko CFO, Al Walker, said on Tuesday at an investor conference that the company will aim to reduce debt down to USD 12bn by the end of 2007. This year the company spent USD 22.5bn to pay for the acquisitions of Kerr-McGee and Western Gas.
Walker said deals could be announced by the end of the month, and the asset sales could generate from USD 5bn to USD 9bn, after taxes, according to the reports.


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