Anadarko Petroleum will resume negotiations with the Occidental Petroleum Corporation as the latter’s bid proposal is higher than that put forward by the Chevron Corporation, Anadarko said in a statement.

The Houston-based oil company said in a statement that the proposal presented by the Occidental Petroleum Corporation on 24 April is superior in terms of value, terms and conditions to the one made by Chevron Corp, although Anadarko Petroleum reached a definitive merger agreement merger with Chevron on 11 April.

The Occidental Petroleum Corporation is offering US$38 in cash per share and 0.6094 of its own shares for each ordinary share of Anadarko Petroleum, while Chevron Corp. offered US$16.25 in cash and 0.369 shares per ordinary share of Anadarko Petroleum.

The two proposals also include taking on Anadarko Petroleum’s estimated debt of US$15 billion.

The Anadarko Petroleum group is the operator of a natural gas project in Mozambique and in a statement dated 5 March said that the final investment decision of the Rovuma Area 1 natural gas project is expected to take place in the first half of this year.