Energy major Total SA has been told by Occidental Petroleum Corp. that it cannot acquire oil and gas assets in Algeria that were part of an $8.8 billion deal reached by the companies on Anadarko Petroleum's assets in Africa.
"Occidental officially told us that we cannot acquire the Algeria assets," the French company's CEO Patrick Pouyanne told analysts during a conference call after its first-quarter 2020 results.
"It releases part of the acquisition budget," Pouyanne said.
As part of its cash-raising to fund its purchase of Anadarko, Occidental agreed that Total would take over some of Anadarko's assets in a $8.8 billion deal.
The Anadarko assets in are in Algeria, Ghana, Mozambique and South Africa. The deal in Mozambique, which includes a giant LNG project has been concluded.
Algerian authorities had moved to block Total's acquisition of the assets.
Pouyanne told analysts the decision was based on the objection of Algiers, and Occidental will remain as operator unless it can find a way to sell it to Total.
On the assets in Ghana, Pouyanne said things were moving on with the deal, but declined to comment further.
Recommended Reading
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
Hess Corp. Bucks E&P Trend, Grows Bakken Production by 7%
2025-01-29 - Hess Corp. “continues to make the most of its independent status,” delivering earnings driven by higher crude production and lower operating costs, an analyst said.
Alliance Resource Partners Adds More Mineral Interests in 4Q
2025-02-05 - Alliance Resource Partners closed on $9.6 million in acquisitions in the fourth quarter, adding to a portfolio of nearly 70,000 net royalty acres that are majority centered in the Midland and Delaware basins.
BP Pledges Strategy Reset as Annual Profit Falls by a Third
2025-02-11 - BP CEO Murray Auchincloss pledged on Feb. 11 to fundamentally reset the company's strategy as it reported a 35% fall in annual profits, missing analysts' expectations.
Utica Oil Player Ascent Resources ‘Considering’ an IPO
2025-03-07 - The 12-year-old privately held E&P Ascent Resources produced 2.2 Bcfe/d in the fourth quarter, including 14% liquids from the liquids-rich eastern Ohio Utica.