Total pulls out of deal to buy Anadarko’s Ghana assets
Petrochemicals company Total has decided to not proceed with the acquisition of hydrocarbon exploration company Anadarko Petroleum Corporation’s assets in Ghana.
Total's decision was based on the "extraordinary market environment" and the lack of visibility about the group's prospects, as well as the non-operational nature of the Ghana assets.
“This decision not to pursue the completion of the purchase of the Ghana assets consolidates the group’s efforts in the control of its net investments this year and provides financial flexibility to face the uncertainties and opportunities linked to the current environment,” says Total chairperson and CEO Patrick Pouyanné.
In August last year, Total and international oil company Occidental Petroleum Corporation entered into a purchase and sale agreement for Total to acquire Anadarko’s assets in Africa.
Under the terms of that agreement, Total and Occidental have since completed the sale and purchase of the Mozambican and South African assets.
The agreement provided that the sale of the Ghana assets was conditional upon the completion of the sale of assets in Algeria.
Occidental has informed Total that, as part of an understanding with the Algerian authorities on the transfer of Anadarko’s interests to Occidental, Occidental would not be in a position to sell its interests in Algeria.
Occidental last year acquired Anadarko in a transaction valued at $55-billion.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation