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    Occidental sells interests in Ghana

Summary

Occidental Petroleum Corp. has agreed to sell its interests in two Ghanaian oilfields for $750mn, drawing a line under a two-year divestment...

by: Joseph Murphy

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Occidental sells interests in Ghana

Occidental Petroleum Corp. has agreed to sell its interests in two Ghanaian oilfields for $750mn, drawing a line under a two-year divestment programme, the company said on October 14.

Kosmos Energy will pay $550mn and Ghana National Petroleum Corp. (GNPC) $200mn for the Texan producer's interests in the Jubilee and TEN fields. Occidental will use the proceeds to pay down its debt, which exceeded $48bn after it bought fellow Houston-based player Anadarko in 2019.

Occidental acquired the Ghana assets through the Anadarko takeover.

Kosmos already has a 24% position at Jubilee and 17% at TEN. The deal will expand its interests in Jubilee and TEN to 42% and 28% respectively. It will fund the purchase with a $400mn bridge loan as well as the proceeds from a share sale.