TOTAL: Total Discontinues the Acquisition of Occidental Petroleum's Assets in Ghana
May 18 2020 - 2:35AM
UK Regulatory
TIDMTTA
In August 2019, Total (Paris:FP) (LSE:TTA) (NYSE:TOT) and
Occidental Petroleum entered into a Purchase and Sale Agreement
(PSA) in order for Total to acquire Anadarko's assets in Africa.
Under this agreement, Total and Occidental have since completed the
sale and purchase of the Mozambique and South Africa assets.
The PSA provided that the sale of the Ghana assets was
conditional upon the completion of the Algeria assets' sale.
Occidental has informed Total that, as part of an understanding
with the Algerian authorities on the transfer of Anadarko's
interests to Occidental, Occidental would not be in a position to
sell its interests in Algeria.
Given the extraordinary market environment and the lack of
visibility that the Group faces, and in light of the non-operated
nature of the interests of Anadarko in Ghana, Total has decided not
to pursue the completion of the purchase of the Ghana assets and,
as a consequence, to preserve the Group's financial
flexibility.
"This decision not to pursue the completion of the purchase of
the Ghana assets consolidates the Group's efforts in the control of
its net investments this year and provides financial flexibility to
face the uncertainties and opportunities linked to the current
environment," said Patrick Pouyanné, Total Chairman and CEO.
* * * *
About Total
Total is a broad-energy company that produces and markets fuels,
natural gas and low-carbon electricity. Our 100,000 employees are
committed to better energy that is safer, more affordable, cleaner
and accessible to as many people as possible. Active in more than
130 countries, our ambition is to become the responsible energy
major.
* * * * *
Cautionary Note
This press release, from which no legal consequences may be
drawn, is for information purposes only. The entities in which
TOTAL S.A. directly or indirectly owns investments are separate
legal entities. TOTAL S.A. has no liability for their acts or
omissions. In this document, the terms "Total", "Total Group" and
Group are sometimes used for convenience. Likewise, the words "we",
"us" and "our" may also be used to refer to subsidiaries in general
or to those who work for them.
This document may contain forward-looking information and
statements that are based on a number of economic data and
assumptions made in a given economic, competitive and regulatory
environment. They may prove to be inaccurate in the future and are
subject to a number of risk factors. Neither TOTAL S.A. nor any of
its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends
contained in this document whether as a result of new information,
future events or otherwise.
Total Contacts
Media Relations: +33 1 47 44 46 99 l presse@total.com l
@TotalPress
Investor Relations: +44 (0)207 719 7962 l ir@total.com
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CONTACT:
TOTAL
SOURCE: TOTAL
Copyright Business Wire 2020
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