Oxy Eyes Sales in Africa, Middle East: Press

Texas-based Occidental Petroleum (Oxy) is in talks with Indonesia's state Pertamina on the sale of oil and gas assets in Africa and the Middle East, sources told Bloomberg on July 29. 

Pertamina is interested in acquiring stakes from Oxy in projects in Ghana and the UAE for $4.5bn, as well as other assets in Algeria and Oman, although they may not be included in an initial deal, Bloomberg said.

Oxy is saddled with some $40bn in debt, mostly relating to its takeover of Anadarko Petroleum last year, in which it outbid Chevron for the oil producer. The coronavirus (Covid-19) pandemic has further weakened Oxy's financial position, destroying oil demand.

Oxy sold Anadarko's assets in Mozambique, namely its share of the Mozambique LNG project, to Total in September, and had also hoped to transfer interests in Algeria and Ghana to the French major, but that part of the deal was scuppered because of opposition from Algerian authorities.

There are other potential suitors for Oxy's assets, according to Bloomberg, and Pertamina is yet to reach a final decision.