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Occidental To Sell Interests In Ghana Assets For $750 Mln

Occidental Petroleum Corp. (OXY) Wednesday said it has agreed to sell its interests in two Ghana offshore fields for $750 million to Kosmos Energy and Ghana National Petroleum Corporation.

The sale to Kosmos closed upon signing and the sale to GNPC is expected to close in the fourth quarter. The transaction includes Occidental's interests in both the Jubilee and TEN fields, which combined had second quarter 2021 net production of 22 thousand barrels of oil equivalent per day.

"With this transaction, we have achieved our post-Colombia divestiture target," said President and Chief Executive Officer Vicki Hollub. "Proceeds from the Ghana asset sale will be applied to debt reduction. Combined, our divestiture program and free cash flow generation have enhanced our ability to reduce debt, as evidenced by the $4.5 billion we have repaid year to date."

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