The sale to Kosmos closed upon signing and the sale to GNPC is expected to close in 4Q21. The transaction includes Occidental’s interests in both the Jubilee and TEN fields, which combined had 2Q21 net production of 22 000 boe/d.
"With this transaction, we have achieved our post-Colombia divestiture target," said President and Chief Executive Officer Vicki Hollub. "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. We remain committed to creating value for our shareholders through our deleveraging efforts."
Read the latest issue of Oilfield Technology in full for free: Issue 3 2021
Oilfield Technology’s third issue of 2021 starts with a report from Wood Mackenzie focusing on the upstream industry’s fortunes in Asia-Pacific. The rest of the issue is dedicated to features covering offshore engineering, coiled tubing, frac technology, completion technologies, water management, well placement and much more.
Exclusive contributions come from Wild Well Control, Cudd Pressure Control, TMK, NOV, Archer, Tendeka, TETRA Technologies and more.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/14102021/occidental-sells-ghana-assets-to-kosmos-energy-and-ghana-national-petroleum-corp/