Anadarko Petroleum Corp said it agreed to sell a 10 percent stake in a gas field offshore Mozambique to a unit of India's Oil & Natural Gas Corp for $2.64 billion in cash, as the U.S. oil company looks to focus more on its domestic assets.The deal for Mozambique's offshore Area 1 is expected to close around the end of this year, Anadarko said.ONGC faces diminishing supplies from its aging oil and gas fields in India and has been buying interests in overseas assets.ONGC Videsh, the Indian company's overseas arm, recently paid $2.48 billion for a 10 percent stake in another Mozambique gas field from India's Videocon Group.
Anadarko Petroleum Corporation (Anadarko) is an independent exploration and production company. Shares of APC traded higher by 0.6% or $0.54/share to $89.80. In the past year, the shares have traded as low as $65.82 and as high as $92.90. On average, 2863080 shares of APC exchange hands on a given day and today's volume is recorded at 1637409.
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