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Occidental Petroleum to sell energy assets in the Middle East: Bloomberg
Posted on Thursday, 30 July 2020 06:33
Indonesia-based Pertamina is considering picking up certain energy assets in Africa and the Middle East from Occidential Petroleum, according to Bloomberg.

Citing sources familiar with the situation, the news provider said the groups are in discussions regarding a USD 4.50 billion purchase price for the operations being sold.

Pertamina is negotiating the acquisition of oil and gas stakes in countries including Ghana and the United Arab Emirates, the insiders noted, asking not to be named as the situation is still private.

In addition, the buyer may also be interested in Occidental’s operations in Algeria and Oman; however, they may not be included in an initial deal, the people told Bloomberg.

Other potential suitors have also expressed interest in the assets and Pertamina has not yet reached a formal agreement, therefore details of the possible deal could change.

Occidental has been producing in Oman over 30 years with major operations concentrated at the Mukhaizna Field and the Safah Field and Block 62.

In the United Arab Emirates, it has been a partner in a joint venture with the Abu Dhabi National Oil Company on AI Hons Gas, one of the largest natural gas developments in the Middle East.

Pertamina has over six decades of experience in the energy industry.

In the six months ended 30th June 2019, the group posted total sales and other operating revenues of USD 25.55 billion, compared to USD 26.43 billion in the corresponding period of 2018.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 372 deals targeting oil and gas extraction companies announced worldwide in 2020 to date.

Patton Oilfield Services has raised USD 10.24 billion in a round of funding in the largest of these.

Other targets included ADNOC Gas Pipeline Assets, Reliance Industries and Petroleo Brasileiro.

© Zephus Ltd