Carlyle in talks to acquire Occidental’s Ghana oilfields


Boru Energy, backed by private equity giant Carlyle Group, is in discussions with Occidental Petroleum to acquire its oil and gas fields in Ghana for over $500 million, industry and banking sources said.

The acquisition of Occidental’s stakes in the offshore Jubilee and Tweneboa Enyenra Ntomme (TEN) fields would be the first investment for Boru Energy, led by former Tullow Oil CEO Aidan Heavey, which Carlyle’s international energy fund CIEP launched in 2019.

It would also mark a symbolic moment for Heavey, who founded Tullow Oil in 1985 and who oversaw the development of the Jubilee field which started production in 2010 before stepping down in 2017 after missing production targets.

Occidental, which had previously said it was seeking to sell its Ghanaian assets, declined to comment.

Occidental holds a 24% stake in Jubilee and a 17% interest in TEN fields, which are both operated by London-listed Tullow Oil.

The Jubilee field has suffered a number of major technical setbacks and delays in recent years but its production stabilized at around 83,600 barrels of oil per day (bpd) in 2020.

Just In: Domelevo Lands Juicy International Job, 9 Days After Forced Retirement.

TEN’s production, which started in 2016, reached 48,700 bpd in 2020, according to Tullow Oil’s annual report.

Tullow said in its 2020 annual report that the Ghana fields holds a resource of around 2.5 billion barrels of oil equivalent.

Occidental acquired the Ghanaian assets through its $55 billion takeover of rival Anadarko in 2019. It has tried to sell its Ghanaian assets since then.

It had initially agreed to sell all of Anadarko’s assets in Africa to Total but the French energy giant later opted not to acquire the Ghana assets.

(Visited 25 times, 1 visits today)
Previous articleNine (9) Questions & Answers About Easter – PT1
Next articleFirst Lady commission’s library at Dambai
Citizen Atare is a Ghanaian who hails from the Upper East Region. He is an ICT professional working with CERSGIS, a Remote Sensing & GIS Centre, located at the University of Ghana, Legon. Citizen Atare is an amateur freelance writer and blogger for over 20 years, who likes to research into everyday lifestyle issues and situations, politics, and cultural practices to write about to educate and also entertain his readers. He is a highly creative and motivated, highly inquisitive, open minded and to an extent risk-taking with a high visual acumen. He is a dreamer who isn’t afraid to break creative barriers. He is also a passionate aviation, tech and motoring enthusiast with a lot of knowledge to share and a private researcher. He has no formal education or certificate in journalism, but the hunger to know more and do more, backed by an impressive work portfolio is what drives him to write the things he knows best for his numerous online fans. Citizen Atare is married to Margaret and they both live in Accra with their lovely daughter Zoey. His hobbies include reading, listening to very good music; especially jazz, writing, watching action, sci-fi and adventure movies, travel and site seeing and swiming. He likes eating fufu and palm nut soup, but prefers boiled rice and kontomire stew with agushie more.


Please enter your comment!
Please enter your name here