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.
Also in this section
4 March 2025
The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
4 March 2025
EU net-zero polices have shifted refining investment among member states, while across the region countries and companies continue to adjust to changes in trade flows caused by the war in Ukraine
4 March 2025
Gas auctions underperform, signalling a slow start to 2025 after bumper 2024
3 March 2025
The Middle East is focusing on modernisation and expansion projects, while Africa is seeking to reduce its imports of refined products
