Total SA will meet Algerian authorities for talks over its plans to buy Anadarko Petroleum Corp.'s assets in the country and is not worried by media reports that Algiers would block the deal, CEO Patrick Pouyanne said May 29.
"We will meet Algerian authorities very soon," Pouyanne told shareholders at the company's annual meeting in Paris. "We are not worried. It is normal that authorities seek to have dialogue with their principal partners and Total is one of the partners of Algeria."
RELATED: Algeria's Energy Minister Softens Comments On Total Buying Anadarko's Algerian Assets
Algeria's energy minister said May 27 he would seek a "good compromise" when asked about his earlier comments that Algiers would block Total's plan.
Occidental Petroleum Corp. agreed to sell Anadarko's assets in Algeria, Ghana, Mozambique and South Africa to Total for $8.8 billion if the U.S. oil company succeeds in completing a takeover of Anadarko.
Pouyanne said Anadarko's Africa assets were at the heart of Total's strategy to remain a leading oil company in Africa and the global LNG market.
"The [Anadarko] deal demonstrates our capacity to be opportunistic and agile," Pouyanne said during a presentation at the shareholder meeting.
"Anadarko assets representing around 3 billion barrels of reserves resources which we'll acquire for $8.8 billion are plainly at the heart of our growth strategy focused on our strengths," he said. "Africa and LNG in Mozambique, Africa and deep offshore in South Africa and Ghana, and in Algeria."
Pouyanne added that the deal would also strengthen Total's position as number two in the global LNG business and that it would have no negative impact on the company's shareholder return policy.
"I would even say the opposite because this acquisition will generate a positive net cash flow from 2020, even if the price oil is less than $50 dollars per barrel," he told shareholders.
Recommended Reading
Nabors, Corva Expand Alliance to Boost AI-Driven Innovation at Rig Sites
2025-04-13 - Nabors Drilling Technologies and Corva AI will use the RigCloud platform to provide real-time insights to crews directly at drilling sites, the companies said.
Halliburton, Nabors Collab to Deploy Drilling Automation in Oman
2025-04-15 - The companies integrated Halliburton’s Logix automation with Nabors Industries’ SmartROS rig operating system.
Inside Prairie’s 11-Well Program in the D-J
2025-04-08 - Prairie Operating Co.’s 11-well program in the Denver-Julesburg Basin is drilling horizontal 2-milers with a Precision Drilling rig.
Darcy Partners Keeping Tabs with Oil, Gas’ Next Tech Startups
2025-05-20 - Darcy Partners evaluates technology that its members, particularly in the oil and gas industry, may want to put to use— from AI to a new, cool drill bits.
E&P Highlights: May 5, 2025
2025-05-06 - Here’s a roundup of the latest E&P headlines, including a new robotic manufacturing system and a learning platform for drilling contractors on the way in 2026.