The year-long Oxy-Total-Anadarko-Algeria saga looks to be finally over. “Occidental officially told us that we cannot acquire [Oxy’s] Algeria assets,” Total CEO Patrick Pouyanne said in the firm’s 5 May first quarter earnings call.
That’s not exactly a bad thing for Total. The Coronavirus pandemic has crippled global oil demand and halved oil prices since the beginning of the year. And IOCs have been scrambling to cut budgets ever since. A couple of billion saved on the purchase of assets now worth much less than their pre-Corona value suits Total just fine. (CONTINUED - 932 WORDS)