Total will no longer buy Occidental Petroleum’s asset in Ghana; gives reasons
- Energy giant, Total, has called off a planned purchase of Occidental Petroleum's assets in Ghana
- This follows the refusal of Algerian authorities to approve the sale of Occidental's assets in the country to Total
- The sale of assets in Ghana was dependent on the sale of the Algerian operations
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YEN.com.gh has learned that energy giant, Total, has called off plans to purchase assets of Occidental Petroleum in Ghana.
Plans for the purchase fell through after Total failed to acquire assets of the company in Algeria.
Information available shows that the takeover of operations in Ghana was contingent on the completion of the Algerian deal.
READ ALSO: KOSMOS Energy records $183 million loss in 2020 Q1; assets valued at $151 million - Report
Per a report by myjoyonline.com, the Ghana deal formed part of a $8.8 billion agreement reached between Total and Occidental to take over Occidental’s assets in Mozambique, Ghana, Algeria, and South Africa.
While the Mozambican deal has been completed, Algerian authorities blocks Total’s acquisition bid.
Consequently, Occidental informed Total that it is no longer in the position to sell its Algerian assets.
Total then released a statement, saying “given the extraordinary market environment and the lack of visibility that the group faces… Total has decided not to pursue the completion of the purchase of the Ghana assets.”
YEN.com.gh earlier reported that the Ministry of Energy has begun the process of approving the sale of the Ghana operations of Anadarko Petroleum Corporation to Total SA, a French oil giant.
The sale of Anadarko Petroleum Corporation, one of Ghana’s oil production partners, comes at a time when its operations in three other African countries, Algeria, South Africa and Mozambique, are lined up for sale.
A deputy energy minister, Mohammed Amin Adam, has indicated that the approval from the government would come only after all requirements in the deal have been adhered to.
READ ALSO: 2020 Q1: Total announces 35% fall in net profit as oil prices fall
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Source: YEN.com.gh
