Shell Seen Eying Kosmos' Ghana Oil Field Stakes


Jubilee Field
(Click to Enlarge)

LONDON (Dow Jones Newswires), Jun. 18, 2009

Royal Dutch Shell is looking at stakes put up for sale by Kosmos Energy LLC in a large Ghanaian oil field, the latest major showing interest in West Africa's new oil producing nation, people familiar with the matter said this week.

"They are looking at the data" on Kosmos' stakes in the Jubilee field, but it's unclear if they will bid, one person said. A Shell spokesman declined to comment and Kosmos didn't respond to a request for comment.

The sale could herald the majors' entry into Ghana, which is set to become an oil producer next year.

However, other people familiar with the matter have previously said the deal, with a asking price of $3 billion, can't close before a development plan is agreed between the companies involved and Ghana's government.

Apart from Kosmos, Tullow Oil PLC and Anadarko Petroleum Corp. are investors in the Jubilee field, which contains recoverable reserves of at least 1.2 billion barrels of oil equivalent.

Chevron Corp., ExxonMobil Corp., Italy's Eni SpA, India's Oil & Natural Gas Corp., and Cnooc Ltd. have also expressed interest in the Ghanaian assets, the people familiar with the matter have previously said.  

Copyright (c) 2009 Dow Jones & Company, Inc.

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