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Anadarko sells part of stake off Africa for $2.6B

[August 26, 2013]  HOUSTON (AP) -- Anadarko Petroleum is selling part of its stake in a property off the shores of Mozambique for $2.64 billion.

Oil and Natural Gas Corp. Ltd. will purchase a 10 percent stake in the site, with Anadarko Petroleum Corp. keeping a 26.5 percent interest. The company anticipates using net proceeds to speed up opportunities at some other projects in its portfolio.

Anadarko is one of the world's largest independent oil and gas exploration and production companies. It operates in the Rocky Mountain region, the southern U.S., the Appalachian Basin and the Gulf of Mexico. It has international operations in China, Indonesia, New Zealand, Brazil and Africa.

The deal is expected to close by year's end.

[Associated Press]

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