CNOOC, Ghana National Petroleum Bid $5B for Kosmos' Ghana Assets - Report


Jubilee Field
(Click to Enlarge)

(Dow Jones Newswires), Oct. 22, 2010

CNOOC, China's largest offshore oil producer by capacity, and Ghana National Petroleum made a $5 billion bid to buy closely held Kosmos' assets in Ghana, including its stake in the Jubilee oil field, Bloomberg reported Friday, citing three unnamed people with knowledge of the matter.

The all-cash bid was received about two weeks ago, Bloomberg cited the people as saying.

There has been little progress in the talks, the reported cited one of the people as saying, as Kosmos and its advisers are also studying an initial public offering as an alternative to an outright sale.

The report added that state-owned Ghana National Petroleum is holding preliminary talks with Norway's Statoil on the possibility of it becoming a third partner in a Kosmos bid.

Dallas-based Kosmos, backed by private-equity firms Blackstone Group and Warburg Pincus, recently terminated a $4 billion sale of its Ghana assets to U.S. major ExxonMobil. That deal stalled partly because of opposition from Ghana's government.

Copyright (c) 2010 Dow Jones & Company, Inc.

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