By Nathan Allen

Total SA (FP.FR) said Tuesday that it has agreed to buy Anadarko Petroleum Corp.'s (APC) assets in Africa for $8.8 billion if Occidental Petroleum Corp.'s (OXY) takeover bid for the Texas-based oil producer goes through.

Assuming Occidental closes the takeover of Anadarko, Total will take on assets across Algeria, Ghana, Mozambique and South Africa containing 1.2 billion barrels of oil equivalent of proved and probable reserves, of which 70% is natural gas.

The portfolio also includes 2 billion barrels of oil equivalent in long-term natural gas resources in Mozambique, Total said.

The French oil major said the deal should be cashflow positive from 2020, even if Brent prices fall below $50 a barrel.

The assets should generate more than $1 billion a year in free cashflow from 2025, the company said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 07, 2019 02:30 ET (06:30 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
TOTAL (NYSE:TOT)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024 Plus de graphiques de la Bourse TOTAL
TOTAL (NYSE:TOT)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024 Plus de graphiques de la Bourse TOTAL