French Oil and Gas multinational, Total, has dropped plans to buy Occidental Petroleum assets in Ghana.
The deal was part of an $8.8 billion agreement reached between Total and Occidental in 2019, to take over Anadarko’s African assets in Mozambique, Ghana, Algeria, and South Africa. This was after Occidental Petroleum won a bid to acquire Anadarko for $55 billion.
The acquisition of the Ghana assets was conditional on the completion of the acquisition of Occidental’s other assets in Algeria. However, according to Total, authorities in Algiers blocked Occidental’s deal to sell those assets earlier in the month.
“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,” Reuters quotes Total in a statement.
Nevertheless, a deal over the assets in Mozambique has already been reached.
Occidental Petroleum Corporation (OXY) is an American company that engages in the exploration of hydrocarbon in the Middle East, the United States, and Colombia. It also participates in petrochemical manufacturing in the United States, Canada, and Chile. It is organized in Delaware, with its headquarters in Houston. The company is ranked 167th on the Fortune 500, and 292nd on the Forbes Global 2000.
In 2018, the company was the 9th largest petroleum producer in Texas.