Occidental Petroleum's Ghana Asset Sale Falls Apart

Occidental Petroleum 's (NYSE: OXY) deal to sell its assets in Ghana to French oil giant Total (NYSE: TOT) has unraveled. Total called off the planned transaction after it wasn't able to acquire Occidental's assets in Algeria, which was a condition of the deal.

Occidental initially planned to flip its entire African portfolio to Total following its acquisition of Anadarko Petroleum for $8.8 billion. It was able to close the sale of its LNG assets in Mozambique last September for $3.9 billion. It also completed the sale of its exploration assets in South Africa.

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