
Audio By Carbonatix
Total has called off a plan to acquire Occidental Petroleum’s assets in Ghana, which was conditional on the completion of the acquisition of Occidental’s other assets in Algeria, the French energy company said on Monday.
The deal was part of an $8.8 billion agreement reached between Total and Occidental to over Anadarko’s assets in Mozambique, Ghana, Algeria, and South Africa.
While a deal over the assets in Mozambique has been reached, Total said that an agreement over the assets in Ghana fell through after authorities in Algiers blocked Total’s acquisition of Occidental’s assets in Algeria.
The acquisition of assets in Ghana was conditional upon the completion of the Algeria asset sale, Total said.
It added that Occidental had informed Total that, as part of an understanding with the Algerian authorities... Occidental would not be in a position to sell its interests in Algeria.
“Given the extraordinary market environment and the lack of visibility that the group faces... Total has decided not to pursue the completion of the purchase of the Ghana assets,” Total said in a statement.
Latest Stories
-
Hit South African show gets the world talking about polygamy and cheating
2 hours -
This Saturday on Prime Insight: Kennedy Agyapong controversy and utility tariff hikes
2 hours -
This Saturday on Newsfile: Torkornoo case, Larry Dogbe jail, $208 million meth bust and ‘Ken Must Go’
3 hours -
US conducts strikes on Iran after attack on cargo ship
3 hours -
Madonna was ‘jealous of Kylie’ – and more things we learned in her Graham Norton interview
3 hours -
Senegal score their way to last 32 contention
3 hours -
Dembele hits terrific treble as France top group
4 hours -
Spider-Man to The Odyssey: 10 of the best films to watch this July
4 hours -
Venezuela earthquakes kill 920 people as families desperate for news
4 hours -
Europe’s deadly heatwave breaks German record and halts public events
4 hours -
Mother dies saving daughter in Venezuela earthquakes
5 hours -
DR Congo takes Rwanda to international court over decades of conflict
5 hours -
Health authorities in Kumasi alarmed over sharp increase in synthetic drug abuse
5 hours -
Residents count losses as heavy rains wreak havoc in Vicolis, Amamorley Estates
5 hours -
Cancer Support Network Foundation donates GHC100,000 to Accra Regional Hospital
7 hours