Boru Energy, backed by private equity giant Carlyle Group CG.O, is in discussions with Occidental Petroleum OXY.N to acquire its oil and gas fields in Ghana for around $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 TLW.L 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 2013 after missing production targets.
By Ron Bousso
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