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Total calls off planned Occidental Petroleum takeover

Total calls off planned Occidental Petroleum takeover

Global oil and gas firm, Total, Monday announced it was turning back from the acquisition of Occidental Petroleum’s assets in Ghana.

Total and Occidental Petroleum had, sometime last August, entered into a Sales and Purchase Agreement with a plan for Total to acquire Anadarko’s assets in Africa.

“Given the extraordinary market environment and the lack of visibility that the group faces, and in light of the non-operated nature of the interests of Anadarko in Ghana, Total has decided not to pursue the completion of the purchase of the Ghana assets,” the energy multinational said in a statement.

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Patrick Pouyanné, Total Chairman and CEO, said “this decision not to pursue the completion of the purchase of the Ghana assets consolidates the Group’s efforts in the control of its net investments this year and provides financial flexibility to face the uncertainties and opportunities linked to the current environment,” said Patrick Pouyanné, Total Chairman and CEO.

Total has been having a bumpy ride in its West African operations lately, particularly in Nigeria where it reported a 70 per cent plummet in 2019 Full Year profit.

Its unaudited financial statement for the First Quarter of this year, released on Friday, revealed that the supermajor posted a loss for the period amounting to N163.224 million.

It equally posted a loss in the same period of 2019, totalling N474.089 million.

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