ExxonMobil Looks to Buy Ghana Assets

November 2009 Vol. 236 No. 11

Kosmos Energy LLC, a U.S. oil exploration company backed by Blackstone Group LP and Warburg Pincus LLC, plans to sell its Ghana assets to ExxonMobil Corp. for a reported $4 billion.

The deal, however, may face opposition from Ghana’s government which has shown an interest in buying the stake.

Kosmos wants to sell its 23.49 percent interest in the Jubilee oil field off the coast of Ghana along with other assets in Ghana. The Jubilee field was discovered in 2007 and is expected to make Ghana a key oil exporter as it may contain 1.8 billion barrels of oil. China National Offshore Oil Corp. is in talks with state- owned Ghana National Petroleum to make a competing bid for the Jubilee stake, the Wall Street Journal reported.

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