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Occidental sells Ghana assets to Kosmos Energy and Ghana National Petroleum Corp.

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Oilfield Technology,

Occidental has agreed to sell its interests in two Ghana offshore fields for US$750 million to Kosmos Energy (US$550 million) and Ghana National Petroleum Corp. (GNPC) (US$200 million).

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."

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