Occidental Sells Ghana Assets for $750 M

Occidental Sells Ghana Assets for $750 M

Occidental has agreed to sell its interests in two Ghana offshore fields for $750 million to Kosmos Energy (for $550 million) and Ghana National Petroleum Corporation (GNPC) (for $200 million), the company said in a press release.

The deal includes the company’s interests in both the Jubilee and TEN fields, which together had a net production of 22,000 barrels of oil equivalent per day (boe/d).

Commenting on the transaction, President and Chief Executive Officer Vicki Hollub said, “Proceeds from the Ghana asset sale will be applied to debt reduction.

Combined, our divestiture program and free cash flow generation have enhanced our ability to reduce debt, as evidenced by the $4.5 billion we have repaid year to date.”


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