Ghana still interested in Kosmos Energy’s Jubilee field stake

Ghana is reportedly still interested in the 30% stake of Kosmos Energy in the country’s largest oil field, the Jubilee field, despite the interest shown by one of the world’s largest oil company, ExxonMobil.

ExxonMobil has reportedly made an offer of $4 billion for the stake and the Ghana government has said it is studying the deal.

The Reuters news service quoting an unnamed source reported that the Ghana National Petroleum Corporation, Ghana’s national oil and gas explorer, said the country was still pursuing the deal and was hopeful to reach an agreement with Kosmos Energy.

Ghana’s deputy Energy Minister Kwabena Donkor first told the media in July that Ghana was interested in the Jubilee field. He was quoted as saying that “if they sell, the national oil company will buy the stake.”

Ghana expects to produce about 500,000 barrels of oil a day by 2014, but the country hasn’t completed Jubilee’s development plan because it is still in talks with partners, Donkor said.

Ghana is set to become one of Africa’s newest oil exporters in June 2010 when production begins at the offshore Jubilee field, which was discovered in June 2007 and has potential resources of as much as 1.8 billion barrels, according to Tullow.The Jubilee field has 17 wells.

The partners in Jubilee, which also include Anadarko Petroleum Corp., have “legal rights to preempt” any deal for Kosmos’ stake, Tullow Chief Executive Officer Aidan Heavey said May 12. He declined to say if Tullow plans to increase its stake in the project, saying any decision will depend on the offer value.

The GNPC on June 30 said it has hired Morgan Stanley to advise on some offshore oil and gas deposits, without giving more information.

Credit:ghanabusinessnews.com