Sinopec Makes Offer for Ghana Oil Stake
LAGOS, Nigeria (Dow Jones), Oct. 26, 2009
Chinese oil giant Sinopec has made an offer to the Ghanaian government to jointly bid for a stake in a major oil discovery off the coast of the West Africa country, according to a person familiar with the matter.
Sinopec, represented by Neil Bush, the younger brother of former U.S. President George W. Bush, recently made an offer to the Ghana National Petroleum Corp., or GNPC, to form a joint bid for a stake in the Jubilee field, the person said.
GNPC officials rejected the initial offer, according to the person, and are waiting to hear from all potential partners before making a decision.
Bush couldn't be reached for comment.
Several other foreign oil companies, including Total SA, BP PLC and Cnooc, have sent representatives to Ghana for talks with the government about acquiring a stake in the oil field. So far all of the overtures are expressions of interest and don't represent actual deals, according to a Ghanaian government source.
The Jubilee stake in question is owned by U.S. company Kosmos Energy, which has said it signed a binding agreement with ExxonMobil Corp. for the stake, for an estimated $4 billion.
GNPC representatives say they have the right of refusal for any such agreement.
Senior Exxon officials arrive in Ghana later Monday for meetings with government officials to discuss the deal, according to a person close to the talks.
Copyright (c) 2009 Dow Jones & Company, Inc.
Operates 32 Offshore Rigs
- BP: 2017 'Massive' Year for Global Upstream Projects (Dec 07)
- BP Seeks Stake In Cairn Energy Senegal Assets (Nov 20)
- Officials: BP, Eni Interested In Developing Iraq's Majnoon Oilfield (Nov 20)
Company: Exxon Mobil Corporation more info
Operates 16 Offshore Rigs
- ExxonMobil Jumping in to Mexico Fuel Market With First US Cargo (Dec 06)
- ExxonMobil to Evaluate Offshore Mauritania Blocks (Dec 04)
- ExxonMobil To Merge Refining And Marketing Divisions (Dec 01)
Company: Total S.A. more info
- Total Starts Up Antwerp Refinery And Petrochem Complex After Upgrade (Nov 30)
- Hoegh LNG: Pakistan LNG Import Project Consortium Folds (Nov 16)
- France's Total Buys Engie's LNG Business For $1.5B (Nov 08)
Company: Sinopec more info
- Report: Quarter Of Oil Refineries Risk Closure Under Climate Goals (Nov 02)
- Sources: China's Sinopec Mulls US Oil Projects Ahead Of Trump's Visit (Oct 31)
- Sinopec's Oil Refining Overcomes Continued Upstream Losses (Oct 30)
Company: CNOOC more info
- CNOOC 3Q Revenue Rises; Only Halfway To 2017 Spending Goal (Oct 25)
- CNOOC Completes Test Runs at Huizhou Refinery in Guangdong - Report (Oct 09)
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
Company: Ghana National Petroleum more info
- Russia's Gazprom Signs LNG Supply Deal With Ghana (Sep 18)
- National Petroleum: Ghana Oil Output To Hit Up To 110,000 Bpd In 2014 (Apr 08)
- Ghana President Names New Head of State Oil Company (Sep 20)