Kosmos, GNPC to buy Occidental’s Ghana assets for $750m

14th October 2021 By: Bloomberg

Kosmos Energy and Ghana National Petroleum Corp agreed to buy Occidental Petroleum Corp’s oil assets in the West African country for a combined $750-million.

Kosmos will pay $550-million while GNPC will pay $200-million for the Houston-based company’s interests in the Jubilee and TEN offshore fields, Occidental said in a statement Wednesday. The proceeds will be used to reduce Occidental’s debt.

Occidental acquired the stakes when it bought Anadarko Petroleum Corp. in 2019 and had previously agreed to sell them to TotalEnergies as part of a wider African sale, which eventually fell through.

Separately, Occidental settled “certain tax claims related to historical operations,” the company said.