Total SA has called off a plan to acquire Occidental Petroleum Corp.'s assets in Ghana, which was conditional on the completion of the acquisition of Occidental's other assets in Algeria, the French energy company said May 18.
The deal was part of an $8.8 billion agreement reached between Total and Occidental to over Anadarko Petroleum's assets in Mozambique, Ghana, Algeria, and South Africa.
While a deal over the assets in Mozambique has been reached, Total said that an agreement over the assets in Ghana fell through after authorities in Algiers blocked Total's acquisition of Occidental's assets in Algeria.
RELATED:
Total Told by Occidental It Cannot Acquire Anadarko Algeria Assets
The acquisition of assets in Ghana was conditional upon the completion of the Algeria asset sale, Total said.
It added that Occidental had informed Total that, as part of an understanding with the Algerian authorities... Occidental would not be in a position to sell its interests in Algeria.
"Given the extraordinary market environment and the lack of visibility that the group faces... Total has decided not to pursue the completion of the purchase of the Ghana assets," Total said in a statement.
Recommended Reading
Despite 2Q Earnings Miss, Kinder Morgan Plans Gas Capacity Growth
2024-07-18 - Kinder Morgan's second quarter earnings fell short of expectations due to recent low gas prices, but remains bullish on natural gas demand and is moving ahead on projects in the Southeast U.S. and Williston Basin.
Electrification Lights Up Need for Gas, LNG
2024-09-20 - As global power demand rises, much of the world is unable to grasp the need for gas or the connection to LNG, experts said.
Texas Needs More Natgas Pipes as Prices Turn Negative Again
2024-07-31 - Spot gas prices for July 31 at the Waha hub in West Texas turned negative for a third time in July even as a record-breaking heatwave could boost U.S. power demand to an all-time high later this week as homes and businesses crank up their air conditioners.
Analyst: Could Permian Gas Pipelines Fall Short of LNG Sweet Spot?
2024-09-23 - Permian Basin oil producers will be elated to see the Matterhorn Express and another planned pipeline move gas out of their way — but both will terminate east of the biggest LNG market in the world.
Energy Transfer’s Warrior Shrugs Off Newly Announced NatGas Pipeline
2024-08-08 - Energy Transfer said the July 31 announcement of the new Permian Basin Blackcomb natural gas pipeline will have “zero” effect on its Warrior Pipeline.