Occidental Petroleum Corporation, an American oil company, has sold its interest in the Jubilee and TEN oilfields off the coast of Ghana for $750 million. The two oilfields were sold for $550 million to Kosmos Energy and $200 million to the Ghana National Petroleum Corporation.

Kosmos already has a share in both oilfields, boosting its total interests to 42% and 28%, respectively, after the acquisition. The remaining funds will be raised by a $100 million share sale, which will be supported by a $400 million bridging loan that will be refinanced with a future bond issue.

The two oilfields were purchased by Occidental Petroleum in 2019 as part of the company’s acquisition of Anadarko Petroleum Corporation. The sale is part of the company’s overall debt reduction strategy, increasing the total amount of assets sold in the last year to almost $2 billion. Since the Anadarko transaction, Occidental’s debt has climbed fivefold to $48 billion, according to the firm. As a result of the sale, Occidental will be able to accomplish its debt reduction goals while focusing on other assets across the world.