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Last Updated- Oct 29, 2009 8:32 - - 0 Comments
Ghana gets funds to buy Kosmos Energy’s Jubilee field stake
Ghana has secured funds to acquire the stakes of Kosmos Energy in the country’s largest oil field, the Jubilee field.
According to a Joy Business News bulletin monitored by ghanabusinessnews.com, the state-owned oil and gas company, the Ghana National Petroleum Corporation (GNPC) has secured the funds to buy the stake of Kosmos Energy citing unnamed sources.
The funds it said was secured from a consortium of banks.
The decision by the GNPC to buy the stake comes after Kosmos had signed a binding agreement to sell to ExxonMobil, another US company, which made a bid offer of $4 billion. The GNPC which is a partner in the field has the right to be given the first option.
The report indicated that the GNPC has prepared its purchase proposal to be presented to Kosmos Energy sometime this week.
The GNPC has also complained about some illegalities in the manner in which Kosmos disclosed some confidential data in the deal with ExxonMobil and is asking for penalties to be imposed on Kosmos Energy.
After buying the stake the GNPC is likely to partner with the China National Offshore Oil Corporation (CNOOC) seen as favouriytes of the Ghana government. The report said the deal with CNOOC would be struck to take care of domestic interests.
The Jubilee oil fields is said to be the largest to be discovered in West Africa in the last 10 to 15 years and commercial production of oil is expected to start in June 2010.
Acording to Tullow Oil, the major stakeholders in the field, it has 1.8 billion barrels and has 17 wells.
Dr Kwabena Donkor, Deputy Minister of Energy had said that under Phase One of the Jubilee Field project, 120,000 barrels of oil and 120,000 million standard cubic feet of dry gas per day would be produced in 2010.
Production would be increased to 240,000 barrels of oil and 240,000 million standard cubic feet of gas per day under the second phase of the Jubilee Field project which is expected to commence in 2013.
By Emmanuel K. Dogbevi
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