Anadarko Petroleum Corp. (APC) said Friday that it reached an amicable resolution in its long-standing dispute with Algerian state-oil company Sonatrach.
Anadarko Petroleum Corp. (APC) said Friday that it reached an amicable
resolution in its long-standing dispute with Algerian state-oil company
Sonatrach.
The agreement, which must be ratified by the Algerian government, will provide Anadarko
about $1.8 billion worth of additional crude volumes in the 12 months following
the official sanctioning of the deal. Also, the production-sharing agreement
tying both companies will be amended to give Anadarko a bigger take, which at
current prices would mean an additional $2.6 billion in net value over the
remaining term of the deal.
Anadarko shares rallied on the announcement, trading up 3.46% at $86.50
premarket.
The tax dispute between Anadarko and Sonatrach was sparked by a 2006 Algerian tax
law on windfall profits. At the time, many oil-rich governments sought to
recast the terms of the deals they had signed with foreign oil companies in the
midst of rising prices for energy.
"We are very pleased to have reached a fair and balanced resolution that
will return significant value to Anadarko," said Anadarko President and
Chief Operating Officer Al Walker. "This amicable solution maintains our
long-standing partnership with Sonatrach that has achieved tremendous success
in
Algeria
."
Anadarko says it expects the Algerian government to approve the settlement
within the next four months.
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