Occidental Petroleum has agreed to sell its interest in two offshore oil fields in Ghana to Kosmos Energy and Ghana National Petroleum Corporation (GNPC) for US$750m.
The transaction includes shares of the US energy company in Jubilee and TEN fields. In the second quarter of 2021, the two Ghanaian offshore fields produced together 22,000 barrels of oil equivalent per day.
The completed deal with Kosmos Energy is worth US$550m. As part of it, Kosmos Energy acquired an additional 18% stake in the Jubilee field and increased its stake in the TEN field by 11%.
The interests of the company in the Jubilee and TEN fields will be 42.1% and 28.1%, respectively.
The transaction is conditional on a 30-day pre-emption period. If fully exercised, it can reduce its ultimate interest in Jubilee by 3.8% to 38.3%, and in TEN by 8.3% to 19.8%.
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