Total pulls out of offshore Ghana transaction

Offshore staff

PARIS – Total has decided not to acquire from Occidental Petroleum the E&P assets interests offshore Ghana formerly held by Anadarko.

These include shares in the producing deepwater Jubilee and TEN fields, both operated by Tullow Oil.

Last August Total entered a purchase and sale agreement (PSA) to acquire from Occidental all Anadarko’s assets offshore Africa.

This led to the transfer to Total of the interests in Mozambique and South Africa.

However, under the terms of the PSA the Ghana transaction was conditional on the completion of the onshore Algeria assets’ sale. Under its understanding with the Algerian authorities, Occidental is not in a position to sell these interests.

Total said its decision was based on current market conditions and the fact that the Ghana interests were non-operated.

05/18/2020