The Ghana National Petroleum Corporation (GNPC) has disclosed that it intends to buy Kosmos Energy's stake in the Jubilee oilfield on its own. GNPC officials reacting to a joint bid offer made by the China Petroleum and Chemical Corporation (Sinopec) told the international media the country's national oil company is interested in buying the stakes, valued in excess of US$4 billion, by itself. Analysts say GNPC may perhaps sell all or part of that stake later; however, GNPC officials are reported to have disclosed that the corporation would be willing to go into a partnership with another firm after it has single-handedly acquired Kosmos' share of the field. Sinopec, represented by Neil Bush, the younger brother of former US President George W Bush recently made an offer to GNPC to form a joint bid for a stake in the Jubilee field, according to sources. GNPC officials reportedly rejected the initial offer, saying they are waiting to hear from all potential partners before making a decision. Earlier this month, Kosmos Energy announced it signed a binding agreement with US supermajor ExxonMobil for its stake in Ghana's offshore, at an estimated value of US$4 billion. The Minister of Energy and the GNPC said the Kosmos-ExxonMobil deal was illegal and therefore unacceptable. ExxonMobil officials arrived in the country yesterday, expectedly to hold talks with government on the deal Prior to the Kosmos-ExxonMobil announcement, government had disclosed it was seeking to collaborate with another Chinese upstream company, the China National Offshore Oil Company (CNOOC), in the exploration and exploitation of Ghana's offshore hydrocarbon resources. Several other foreign oil companies, including UK supermajor BP and French giant Total have all sent representatives to hold talks with government officials about their interest in acquiring stakes in Ghana's Jubilee field. Government officials have said that all such overtures are simply expressions of interest and don't represent actual deals. The Jubilee field in question has Kosmos Energy as the technical operator for its development and holds a 23.491 % interest in the unit. An affiliate of Tullow Oil plc is the unit operator and has a 34.705% interest in the unit. Other unit interest holders include a subsidiary of Anadarko Petroleum Corporation with a 23.491 % interest; Sabre Oil & Gas with a 2.813% interest; EO Group with a 1.750% interest; and Ghana National Petroleum Corporation (GNPC) with a 13.750%, after having exercised its applicable back-in rights for field development. The field straddles two blocks, of which Kosmos Energy is the operator in the West Cape Three Points Block in which the company holds a 30.875% interest. An affiliate of Anadarko Petroleum Corporation has a 30.875% interest; an affiliate of Tullow Oil pIc has a 22.896% interest; the EO Group has a 3.5% interest; Sabre Oil & Gas has a 1.854% interest; and GNPC has a 10% carried interest. Kosmos holds an 18% interest in the other block, Deepwater Tano Block. An affiliate of Tullow Oil plc operates the block with a 49.95% interest. An affiliate of Anadarko Petroleum Corporation has an 18% interest; Sabre Oil & Gas has a 4.05% interest; and GNPC has a 10% carried interest. Source: Business & Financial Times