DealZone

Ghana, Ghana, Gone to Exxon

October 6, 2009

Sources tell us that oil behemoth Exxon Mobil won the bidding in an auction for Kosmos Energy’s stake in the Jubilee field in Ghana, one of the biggest oil discoveries in recent years. Analysts have said the stake could be worth up to $5 billion.

Private equity-backed Kosmos put its interests in the multibillion-barrel field, which it co-owns with Irish oil explorer Tullow Oil and Houston-based Anadarko Petroleum, on the market earlier this year.

Huge interest in the stake was reported. India’s ONGC, China’s CNOOC and even Ghana’s own National Petroleum Corp all expressed interest at some point over the summer. Other corporate interests thought to be bidding included BP, Shell Oil and ENI SpA.

Megan Davies reported in July, when Kosmos extended a bid deadline, that a deal could move swiftly from signing to closing, as the Ghanaian government was included in the extended auction.

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