Ghana still in talks with Kosmos over Jubilee stake – Asafu-Adjaye

The management of the Ghana National Petroleum Corporation (GNPC) is still in discussion with the management of Kosmos Energy over the purchase of its stake in the Jubilee oil field, GNPC Managing Director, Nana Boakye Asafu-Adjaye, said on Tuesday.

Speaking on the sidelines of the three-day Offshore West Africa 2010 Conference, Nana Asafu-Adjaye said talks were progressing but fell short of disclosing the details and whether a deal had been clinched.

“We have been in various discussions over the months on the acquisition and we are proceeding,” he said without elaborating.

Kosmos has 30.86 per cent ownership in the West Cape Three Points block and an 18 per cent interest in the Deepwater Tano block offshore Ghana.

GNPC has 10 per cent stake in the West Cape Three Points and Deepwater Tano concession areas, and an additional 3.8 per cent stake in the Jubilee field.

Kosmos Energy’s attempt to sell its stake to ExxonMobil hit a snag after GNPC raised legal issues with the deal, saying it constituted a breach of the Petroleum Agreement by Kosmos.

This prompted GNPC to offer to buy the stake.

Mr Mark Ward, Managing Director and Lead Country Manager of ExxonMobil, Nigeria, said the company remained optimistic over its participation in Ghana’s nascent oil industry.

“We are still interested in Ghana and respect GNPC’s views,” he said.

The Offshore West Africa Conference and Exhibition encourages the growth of local content within the industry and the development of young professionals.

The Accra conference would last from March 9 to March 11.

Source: GNA