Anadarko and Videocon to Sell Mozambique Gas Stakes

LONDON â€" Anadarko Petroleum of the United States and Videocon of India have put 20 percent of an important natural gas field off the coast of Mozambique up for sale, according to Videocon’s chairman and others with direct knowledge of the matter.

The sale, which analysts estimate could bring as much as $4.5 billion, could lead to a breakthrough for development of Mozambique’s considerable energy resources by potentially bringing in a large industry player to provide expertise and capital.

Anadarko, an exploration and production company based outside Houston, and the Italian energy company Eni have pioneered offshore exploration in Mozambique, finding the richest troves of gas in recent industry history there over the last three years.

Mozambique has the potential to become one of the world’s leading natural gas exporters, on a par with Qatar and Australia.

The gas will be exported as liquefied natural gas, which is formed by cooling the fuel into a liquid that can be transported on specialized ships. The fields on the coast of Eastern Africa are conveniently situated across the Indian Ocean from fast-growing Asian markets.

Anadarko, which made the first discovery in 2010, has 36.5 percent of a block called Area 1.

Videocon, a consumer electronics and mobile telecommunications conglomerate controlled by Venugopal Dhoot, its chairman, has 10 percent of Area 1.

“I will try to get the maximum price,” Mr. Dhoot said Tuesday in discussing the potential sale on CNBC-TV18, an Indian cable channel.

Standard Chartered and UBS have been hired by Mr. Dhoot to handle the sale.

An Anadarko spokesman declined to comment beyond what the company’s chief executive, Al Walker, said in a conference call last month. He said that the company was interested in selling a 10 percent stake, leaving Anadarko with 26.5 percent.

Developing an energy industry in Mozambique, which has little oil and gas infrastructure, will be difficult and expensive, costing tens of billions of dollars.

This stake sale, if successful, could bring in a leading industry partner to provide investment and expertise in liquefied natural gas. Eni may welcome such a development, analysts say, because Anadarko’s lack of such experience was something of an obstacle. Eni’s L.N.G. credentials are also limited.

“Twenty percent is enough to attract the interest of majors like Shell and Exxon Mobil or even PetroChina,” said Marne Beukes, an Africa energy analyst at IHS, a research concern in London. She said that Anadarko and Videocon might be putting their stakes up for sale jointly to attract a big player.

Eni and Anadarko reached an agreement in principle in December on jointly building a liquefaction plant in northern Mozambique, but having one of the giants on board would bring gas exports closer to reality. Eni is required by Mozambique to develop the gas from one of the two fields it has discovered, called Mamba, jointly with Anadarko.

Eni, Mozambique permitting, still has the option of finding separate uses for the gas from its other field, called Coral. Ms. Beukes said that Eni could choose either to send the Coral gas to one huge L.N.G. plant or to use it to supply neighboring South Africa.

The wells are relatively easy to drill and the oil and gas industry is experienced in building L.N.G. installations, but plants are planned for a remote area, adding to the challenges.

Shell recently tried to buy Cove Energy, which had an 8.5 percent stake in Area 1 in Mozambique, but was outbid by PTT Exploration and Production of Thailand, which paid about $1.9 billion for the stake.

Stuart Joyner, an analyst at Investec, said the Cove deal should serve as a guide to the pricing of future deals. That would mean that the 20 percent stake in Area 1 held by Anadarko and Videocon might sell for about $4.5 billion.

The chief executive of Eni, Paolo Scaroni, has said he may explore a stake sale in the future. Eni values its Mozambique holdings at about $15 billion.

A version of this article appeared in print on March 6, 2013, on page B3 of the New York edition with the headline: Anadarko and Videocon to Sell Natural Gas Stake in Mozambique.