France’s Total is paying Occidental $8.8bn for Anadarko’s Africa assets. Mozambique LNG is the key draw. But revenue from 65,000 b/d Algeria output is central to making the deal pay.

Speaking on his firm’s Q2 earnings call on 25 July, Total CEO Patrick Pouyanné was keen to assuage investors who have seen Total blow a hole in its 20% gearing target thanks to May’s snap decision to pay Occidental $8.8bn for Anadarko’s African assets (MEES, 10 May).

Noting...