Highly placed government sources according to the B&FT have disclosed that Kosmos Energy will be compelled to offload its stake in the Jubilee Field and other stakes in the West Cape Three Points and Tano Deep water blocs to the China National Offshore Oil Corporation (CNOOC). Private equity-backed Kosmos, which has received USS800 million in financing from Blackstone and Warburg Pincus, has since the beginning of the year been rumored to be planning to offload its stakes in Ghana's offshore acreage. Though officials of Kosmos are tight-lipped about the intended deal, government sources say that the matter has gone beyond mere speculation. "The Chinese are prepared to offer good money and also participate strongly in Ghana's emerging oil industry, and government sees an opportunity for an early transfer of technology from the Chinese," said the official, who added that the entry of the Chinese would foster healthy competition in the industry. CNOOC is reported to have hired Goldman Sachs to advise it on a bid for a stake in Africa-focused Kosmos Energy, in a deal that could be worth as much as US$3 billion according to sources. CNOOC's pursuit of Kosmos comes quickly on the heels of another Chinese firm, Sinopec Group's expected US$8 billion bid for Addax Petroleum, which has projects in Nigeria, Gabon, Cameroon and Iraq. Texas-based Kosmos has acreage across Ghana, Benin, Cameroon, Morocco and Nigeria, including the Jubilee field off Ghana. Jubilee, one of the largest oil finds in West Africa in the past decade, is predicted to hold 1.2 billion barrels of oil equivalent. The entire field is valued at around US$ 15billion. Other reports have it that Royal Dutch Shell is looking to pick up the US independent's stakes in the West Cape Three Points and the Deep water Tano blocs. Deep-throat government sources say Kosmos Energy would prefer selling off its stakes to Shell or any of the super-majors, but the Ghanaian government is not comfortable with them hence the pressure to offload to the Chinese. News of a Kosmos sellout first hit the news wires in February, when it was reported that Kosmos had retained bankers and was in the process of selling off its assets. At the time Kosmos officials disclosed to B&FT they were days away from securing over US$750million in funding and were in no hurry to sell. "We will prefer to hole in for long and develop our other significant prospects on WCTP and Tano Deep water to enhance our value, before any other consideration," a Kosmos official said. The next sale-rumours popped up in May, with not only Kosmos selling but Tullow Oil and Anadarko in the mix also; these too proved to be false. Stories reached fever-pitch in May, with not one of the major stakeholders in the West Cape Three Points and Deepwater Tano blocks Tullow Oil, Kosmos Energy, and Anadarko Petroleum being spared. While there was a sale of Ghanaian assets earlier this year, it was not one of the major shareholders but Sabre Oil & Gas Holdings Ltd. Sabre had a minority stake in the West Cape Three Points Bloc along with Kosmos and Anadarko, among others. Sabre Oil also held equity in the Tullow operated Deepwater Tano licence: however, it has not been successful in offloading its entire stock in the Ghanaian acreage. It has also been reported that just about every major oil company active in Africa has expressed an interest in the Ghanaian assets. Source: B&FT