Total walks on deal for Oxy’s oil assets in Ghana and Algeria

WORLD OIL | Total SA abandoned a plan to acquire assets from Occidental Petroleum in Ghana, walking away after a proposal to buy Algerian projects from the U.S. company also collapsed.

The breakdown of both sales is a setback for Occidental, which had earmarked the proceeds to help reduce debt after buying Anadarko Petroleum for $37 billion last year. After the Algeria deal was blocked earlier this month, Total CEO Patrick Pouyanne said the French company would continue working on the Ghana purchase, but now had “less appetite” for it.

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