After Total backs out of acquisition, Oxy scrambles to sell its offshore assets in Ghana
The US firm has gone in search of a different buyer after Total pulled out of a deal to acquire Oxy’s interests in the Jubilee and TEN fields. However, the Texas-based petroleum corporation will retain its Anadarko assets in Algeria. Total will thus avoid approximately $4.8m in acquisition costs.
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▪ After Total backs out of acquisition, Oxy scrambles to sell its offshore assets in Ghana
▪ The US firm has gone in search of a different buyer after Total pulled out of a deal to acquire Oxy’s interests in the Jubilee and TEN fields. However, the Texas-based petroleum corporation will retain its Anadarko assets in Algeria. Total will thus avoid approximately $4.8m in acquisition costs.
▪ https://www.africabusinessplus.com/en/804449/apres-le-refus-de-total-oxy-presse-de-vendre-ses-actifs-offshore-au-ghana/
Although the call option does not expire until this coming September, the oil companies Total and Occidental (“Oxy”) reached an agreement on 18 May to terminate the French industrial group’s planned acquisition of Oxy’s assets in Ghana (from the latter’s purchase of Anadarko).
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