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October 13 (Businesshala) – Occidental Petroleum Corp has agreed to sell its interests in two Ghanaian offshore fields to Kosmos Energy and Ghana National Petroleum Corp for $750 million, the oil and gas maker said on Wednesday, as it Wants to cut debt. With the purchase of Anadarko Petroleum.
The deal includes Occidental’s interests in both the Jubilee and TEN fields, which had net production of 22,000 barrels of oil equivalent per day for the second quarter of 2021.
Rising oil and gas prices have prompted companies to sell assets they do not consider to be core to their business, prompting many smaller asset deals.
Occidental said the proceeds from the sale of the Ghanaian property would be used to cut debt. The company’s disinvestment as well as free cash flow generation has helped it pay off nearly $4.5 billion in debt year-on-year.
The oil producer has cut jobs, production and the value of its assets as the pandemic slashed demand for the fuel, putting pressure on a company that saw the key to acquire Anadarko Petroleum for $38 billion in 2019. Had taken loan.
Occidental sold some of its acreage in Texas’ Permian Basin this year for $508 million, while it sold some of its properties in Wyoming, Colorado and Utah for about $1.33 billion last year, as well as some onshore assets in Columbia for $825 million. I was also sold. . (Reporting by Aarti S Nair in Bengaluru; Editing by Shailesh Kuber)