By Cristina Roca 
 

Total SA said Monday that it won't proceed to buy Occidental Petroleum Corp.'s assets in Ghana due to the uncertainty of the current environment.

The French energy major had signed a purchase agreement with Occidental to buy its subsidiary Anadarko's assets in Africa. Total has already completed the acquisition of Anadarko's Mozambique and South Africa assets, but it said it has decided not to pursue the completion of the purchase of the Ghana assets.

The decision was made "in light of the non-operated nature" of the Ghana interests and in order to preserve Total's financial flexibility amid the current low-visibility environment, the company said.

 

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

 

(END) Dow Jones Newswires

May 18, 2020 02:38 ET (06:38 GMT)

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