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
Chevron Confirms 200 Permian Layoffs—Not 800
2025-05-30 - Chevron has confirmed the Texas Workforce Commission mistakenly reported the number of layoffs in Midland as 800.
Trauber: Shell-BP Merger Would Make “A Lot of Sense”
2025-05-12 - BP’s U.S. shale operations include the Permian, Eagle Ford and Haynesville. The next wave of oil and gas consolidation may include mergers between the majors, veteran M&A insider Stephen Trauber of Moelis tells Hart Energy.
M&A Experts: Expect Brisk Return to Deal Flow in Second Half
2025-06-16 - Private equity firms are loaded for “pent-up” portfolio rationalization after rampant industry consolidation, particularly in the Permian—but the timing is anyone’s guess.
GM Joins Exxon, Chevron in Smackover Lithium Hunt
2025-07-09 - General Motors startup EnergyX purchased 35,000 acres in the Smackover Formation, where Exxon Mobil and Chevron have received made acquisitions.
BPX’s Holzhauser Dives into Upside of Devon JV Dissolution
2025-06-07 - BPX’s Holzhauser says BP’s U.S. shale arm got the longer end of the stick—better subsurface in a less complicated area—in its deal with Devon to dissolve their Eagle Ford JV.