Total rescinds decision to buy Occidental Petroleum’s Ghana asset

Total (TOTF.PA) has aborted a plan to acquire Occidental Petroleum’s (OXY.N) assets in Ghana.

The purchase of the petroleum company’s assets in Ghana was on condition that Total will complete the acquisition of Occidental’s other assets in Algeria.

This was disclosed by the French energy company.

The deal was part of an $8.8 billion agreement reached between Total and Occidental to take over Anadarko’s assets in Mozambique, Ghana, Algeria, and South Africa.

According to Reuters, the two energy companies have reached an agreement over the assets in Mozambique. However, Total said that an agreement over the assets in Ghana did not happen after authorities in Algiers prevented Total from acquiring Occidental’s assets in Algeria.

Total explained further that the condition to purchase assets in Ghana was to complete the acquisition of the Algeria asset sale.

It added that Occidental had informed Total that, due to an understanding with the Algerian authorities, Occidental would not be in a position to sell its interests in Algeria.

A statement from Total said that “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.”

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