Anadarko Petroleum Corp. is seeking buyers for some of its Brazilian assets in a move that could be worth up to $5 billion, people familiar with the situation said Tuesday.
Anadarko, based in the Houston area, is seeking to cash out on some of its Brazilian assets in order to focus on other areas such as offshore Africa and the Gulf of Mexico, where it has recently made a series of large oil and gas discoveries, one person familiar with the situation said. Another person familiar with the situation confirmed the company is marketing some of its Brazilian properties.
Anadarko, one of the largest independent U.S.oil and gas producers, has hired several banks, including Scotia Waterous, to advise it, according to one person familiar with the potential deal.
Anadarko primarily has exploratory assets offshore Brazil, where it has made several large discoveries including the Wahoo, Itaipu, Itauna and Coalho areas. The hydrocarbon potential of offshore Brazil has also attracted some of the world’s largest international oil companies, such as Royal Dutch Shell, Exxon Mobil Corp., Total SA and BG Group.
Some analysts said Anadarko will need to raise money in case it faces a large liability from last year’s Deepwater Horizon oil spill in the Gulf of Mexico, which resulted from the blowout of the Macondo well drilled by BP PLC. Anadarko owned 25% of the well. The company has said its well contract with BP, which was the operator and 65% owner of the well, contains a clause limiting its liability if gross negligence is demonstrated.
However last July, the U.S. government said Anadarko was partly liable under federal oil-pollution laws for the spill’s environmental damage, a statement hailed by BP as it seeks to bill Anadarko $5 billion for costs associated with the accident.
