Total Not To Buy Anadarko's Interests In Ghana - Quick Facts

(RTTNews) - Occidental Petroleum Corp. (OXY) announced Monday that Total S.A. (TOT) has informed Occidental that it is not interested in purchasing Anadarko Petroleum Corp.'s (APC) interests in Ghana in the current circumstances.

The Ghana assets sale was conditional upon the completion of the Algeria assets' sale. Occidental would not be in a position to sell its interests in Algeria to Total.

This was part of a Purchase and Sale Agreement entered into between Total and Occidental in August 2019 for Total to acquire Anadarko's assets in Africa. Total and Occidental have since completed the sale and purchase of the Mozambique and South Africa assets.

On May 5, 2019, Occidental entered into a binding agreement to sell Anadarko's Algeria, Ghana, Mozambique and South Africa assets to Total for $8.8 billion. The sale is contingent upon Occidental completing its acquisition of Anadarko.

On May 9, Occidental agreed to buy Anadarko in a transaction valued at $57 billion, including the assumption of Anadarko's debt.