TOTAL S.A. (ENXTPA:FP) reached a binding Memorandum of Understanding to acquire various participating interests in assets in Algeria, Ghana, Mozambique and South Africa from Anadarko Petroleum Corporation (NYSE:APC) for $8.8 billion on May 3, 2019. TOTAL S.A. (ENXTPA:FP) entered into to a definitive Purchase and Sale Agreement acquire various participating interests in assets in Algeria, Ghana, Mozambique and South Africa from Anadarko Petroleum Corporation (NYSE:APC) for $8.8 billion on August 3, 2019. Under the terms of the agreement entered between TOTAL S.A. and Occidental Petroleum Corporation (NYSE:OXY), which has already made a bid for Anadarko Petroleum Corporation, Occidental Petroleum Corporation will be selling various participating interests in assets in Algeria, Ghana, Mozambique and South Africa of Anadarko Petroleum Corporation to TOTAL S.A. As per the terms, TOTAL S.A. will acquire additional 24.5% participating interest in blocks 404a and 208 (Hassi Berkine, Ourhoud and El Merk fields) in the Berkine basin, located in Algeria, 27% participating interest in Jubilee field and 19% participating interest in the TEN fields, both located in Ghana, 26.5% participating interest in Area 1, located in Mozambique and exploration licenses in South Africa. TOTAL S.A. already has 12.25% interest in blocks 404a and 208 (Hassi Berkine, Ourhoud and El Merk fields) in the Berkine basin, located in Algeria and post completion of the deal, it will hold 36.75% interest in the asset of Algeria. In a related deal, as on May 5, 2019, a revised offer has also been made for the acquisition of Anadarko Petroleum Corporation by Occidental Petroleum Corporation.

The transaction is contingent upon Occidental Petroleum Corporation entering into and completing its proposed acquisition of Anadarko Petroleum Corporation and to approval by the relevant authorities. As of September 30, 2019, the transaction follows receipt of all requisite approvals by the relevant authorities and partners. The Purchase and Sale Agreement includes customary termination rights for both Occidental and Total, including the right to terminate the Purchase and Sale Agreement if no portion of the Transactions have been consummated by December 1, 2020. The deal is expected to close in 2020. On September 30, 2019, TOTAL S.A. completed the acquisition of Anadarko's 26.5% operated interest in the Mozambique LNG project for a purchase price of $3.9 billion. The proceeds of the deal will be used to fund a portion of the cash consideration for the acquisition of Anadarko Petroleum Corporation by Occidental Petroleum Corporation. The acquisition is expected to be free cash flow positive from 2020. In January 2020, Occidental completed the sale of South Africa assets to Total. The closing of the sale of the remaining Africa Assets is conditioned on the receipt of required regulatory and government approvals, as well as other customary closing conditions.

Dan Burch of MacKenzie Partners, Inc. acted as financial advisor to Occidental Petroleum Corporation. Lauren Angelilli, Daniel Cerqueira, Kara Mungovan, Arvind Ravichandran, Faiza Saeed, George Schoen, Kate Stamell, Christine Varney, Allison M. Wein and Jesse Weiss of Cravath Swaine & Moore acted as legal advisor to Occidental Petroleum Corporation parent of Anadarko Petroleum Corporation. Lazard Frères Banque SA acted as financial advisor to Occidental Petroleum Corporation. Weil, Gotshal & Manges LLP, Paris acted as legal advisor to Total S.A.

TOTAL S.A. (ENXTPA:FP) completed the acquisition of various participating interests in assets in Mozambique and South Africa from Anadarko Petroleum Corporation (NYSE:APC) in January 2020. As per announcement of May 5, 2020, Total has been told by Occidental that it cannot acquire oil and gas assets in Algeria. Algerian authorities had moved to block Total's acquisition of the assets. As on May 18, 2020, TOTAL S.A. discontinues the acquisition of oil and gas assets in Ghana from Anadarko Petroleum Corporation.