Occidental CEO Vicki Hollub
Occidental exits Ghana
The US super-indie is divesting its assets in the country
US super-indie Occidental Petroleum is selling up in Ghana. The firm has sold stakes in two fields—Jubilee and TEN—to New York-listed Kosmos Energy and state-owned Ghana National Petroleum Corporation (GNPC). Kosmos will pay $550mn to increase its holdings in Jubilee and TEN by 18 percentage points, to 42.1pc, and 11 percentage points, to 28.1pc, respectively. GNPC’s $200mn payment to Occidental will increase its stakes in Jubilee and TEN by 6 percentage points each, to 20pc and 21pc respectively. Occidental’s combined Ghanaian production share averaged 22,000bl/d oe in the second quarter of this year. The Kosmos sale has been concluded and the GNPC deal is expected to close this quarter.
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