Total Discontinues Acquisition of Occidental Petroleum's Assets in Ghana
May 18 2020 - 2:53AM
Dow Jones News
By Cristina Roca
Total SA said Monday that it won't proceed to buy Occidental
Petroleum Corp.'s assets in Ghana due to the uncertainty of the
current environment.
The French energy major had signed a purchase agreement with
Occidental to buy its subsidiary Anadarko's assets in Africa. Total
has already completed the acquisition of Anadarko's Mozambique and
South Africa assets, but it said it has decided not to pursue the
completion of the purchase of the Ghana assets.
The decision was made "in light of the non-operated nature" of
the Ghana interests and in order to preserve Total's financial
flexibility amid the current low-visibility environment, the
company said.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
May 18, 2020 02:38 ET (06:38 GMT)
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