Audio By Carbonatix
LONDON -(Dow Jones)- Kosmos Energy LLC is continuing with plans to sell its stake in oil fields discovered offshore Ghana, with an asking price of around $3 billion, but the deal can't close before a development plan is agreed between the companies involved and Ghana's government, people familiar with the matter told Dow Jones Newswires Wednesday.
The development plan for the Jubilee offshore field is expected to be signed within the next few weeks, said one person familiar with the matter. "There's no real concern that it won't be forthcoming," the person said.
Another person familiar with the talks said Kosmos Energy's intention to sell its stake and the Ghanaian government's financial difficulties have complicated matters and delayed the signing of the plan, but neither are insurmountable obstacles.
There are plenty of parties, including major international oil companies and large Asian oil companies, interested in acquiring Kosmos' stake in the two offshore blocks - 18% of Deepwater Tano and 38.875% of West Cape Three Points, the people said.
The exploration and development plan has been led by U.K.-listed Tullow Oil PLC (TLW.LN). Anadarko Petroleum Corp. (APC) is also a partner in the fields. Both have preemption rights for Kosmos stake.
Ghana's government will need to approve the buyer, the people said.
The blocks contain the Jubilee field with up to 1.8 billion barrels of oil and the Tweneboa field with up to 1.4 billion barrels, although it is uncertain if the smaller field contains oil or gas condensate.
Tullow plans to begin production from Jubilee in the second half of next year, starting at around 40,000 barrels of oil a day and eventually building up to 120,000 barrels a day. It plans to drill a second well to appraise Tweneboa in September.
Dallas-based Kosmos, owned by private-equity firms Blackstone and Warburg Pincus LLC, has appointed Standard Chartered PLC (STAN.LN) and Barclays PLC ( BCS) to conduct the sale.
Source: CNNmoney.com
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
What everyone should know about C-sections
1 hour -
Health Ministry engages Ga Mantse ahead of Free Primary Healthcare launch
2 hours -
We can tackle multiple priorities – Sam George defends Anti-LGBTQ Bill push
2 hours -
Statement: Ghana Chamber of Mines’ Response to Claims in Joe Jackson’s “Ananse Stories about the Economy of Ghana”
2 hours -
GES opens 2026 teacher recruitment for licensed B.Ed graduates
2 hours -
Ghana must value skilled trades, build resilient learners — Ibn Chambas
2 hours -
Ghana must rethink education around relevance, resilience and responsibility — Ibn Chambas
2 hours -
Prince Harry faces defamation lawsuit from charity he co-founded
2 hours -
South Korea deploys thermal cameras to track escaped zoo wolf
2 hours -
Calls for royal meeting with Epstein survivors grow ahead of US visit
2 hours -
Ibn Chambas advocates blend of technology and human values in education
3 hours -
UMA improves healthcare access in Asutifi North with GH₵700k ‘Kim Taylor Legacy’ Walkway
3 hours -
Scholarships Authority and Fanaka University offer sponsorship for procurement and supply chain studies
3 hours -
Bisa Kdei drops new single ‘Go N Look’ featuring Medikal
3 hours -
Benin facing rising terrorism in north as French military presence faces growing criticism
3 hours