The deal is contingent upon Occidental Petroleum prevailing in its battle with Chevron to take over oil and gas driller Anadarko.
The agreement is contingent on Occidental first reaching an agreement to buy Anadarko and closing the deal. Occidental is competing withThe announcement on Sunday offers some clarity on how Occidental would fund its cash-and-stock purchase of Anadarko. Occidental had said it would seek to sell $10 billion to $15 billion worth of assets to underwrite the $38 billion proposed takeover.
"Given our long history of working together productively, I am confident we can execute this sale quickly and efficiently," Occidental CEO Vicki Hollub said in a statement. "Total has extensive experience working in Africa and is well positioned to maximize value from these assets." Chevron reached a deal to buy Anadarko for $33 billion last month, but Occidental later put in a higher offer. Anadarko's board of directors is currently considering Occidental's bid.
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