Ghana’s enegry department approves sale of assets to Total for R38.6b

Ghana’s enegry department approves sale of assets to Total for R38.6b

- The ministry of energy has given the green light for the sale of the Ghana operations of Anadarko Petroleum Corporation to Total SA

- According to a deputy energy minister, Mohammed Amin Adam, the sale would be complete once all the requirements have been met

- Anadarko Petroleum Corporation's operations in Algeria, South Africa and Mozambique have already been transferred to Total

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The ministry of energy has begun the process of approving the sale of the Ghana operations of Anadarko Petroleum Corporation to Total SA, a French oil giant.

The sale of Anadarko Petroleum Corporation, one of Ghana’s oil production partners, comes at a time when its operations in three other African countries, Algeria, South Africa and Mozambique, have also been sold.

Per a report by graphic.com.gh, Total, an upstream exploration and production company, purchased the company for R136 billion in 2019.

Anadarko Petroleum Corporation: Energy ministry approves sale of Ghana’s assets to Total for $2.5 billion

Source: graphic.com.gh
Source: UGC

]Anadarko has been operational in Ghana since 2006 and until its sale, owned 24.077% of the Jubilee Field, Ghana’s first oil field.

It also owned 17% of the Tweneboah-Enyera-Ntomme (TEN) project, an integrated oil and gas project.

Unnamed officials from the ministry of finance and the Ghana Revenue Authority (GRA) disclosed that per an estimate which gave an overview of Anadarko’s operations, its gains in the Jubilee Field and the TEN project before the sale amounted to $4.4 billion.

It has also been confirmed that the $4.4 billion translated into a daily gain of about $1 million for the period Anadarko was active in Ghana.

The company is meanwhile expected to earn an estimated $2.5 billion from the transaction.

A deputy energy minister, Mohammed Amin Adam, has indicated that the approval from the government would come only after all requirements in the deal have been adhered to.

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Source: Briefly.co.za

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