Occidental exits Ghana
The US super-indie is divesting its assets in the country
US super-indie Occidental Petroleum is selling up in Ghana. The firm has sold stakes in two fields—Jubilee and TEN—to New York-listed Kosmos Energy and state-owned Ghana National Petroleum Corporation (GNPC). Kosmos will pay $550mn to increase its holdings in Jubilee and TEN by 18 percentage points, to 42.1pc, and 11 percentage points, to 28.1pc, respectively. GNPC’s $200mn payment to Occidental will increase its stakes in Jubilee and TEN by 6 percentage points each, to 20pc and 21pc respectively. Occidental’s combined Ghanaian production share averaged 22,000bl/d oe in the second quarter of this year. The Kosmos sale has been concluded and the GNPC deal is expected to close this quarter.
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind