FPSO Kwame Nkrumah, Ghana

Occidental divests Ghana fields for $750 million

ACCRA, October 14, 2021 – Occidental Petroleum has agreed to sell its stake in two offshore fields in Ghana for USD 750 million, the American E&P company announced on Wednesday.

 

The company’s divested shares in the Jubilee and TEN fields were bought by Kosmos Energy and Ghana National Petroleum Corporation for USD 550 million and USD 200 million, respectively.

The combined fields produced 22,000 boepd in Q2 2021.

Occidental Petroleum will use the money to pay off debt accrued through its USD 55-billion acquisition of Anadarko Petroleum in 2019.

Read our latest insights on:

Stay Informed