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Wed, Jul 8th, 2009
GHANA SEEKS REPLACEMENT OF KOSMOS

Ghana has thrown a search light for a large international oil company to take up stake in the most potentially lucrative oil discoveries in Africa of recent years.

Kosmos, the private equity-backed U.S oil company that owns the Jubilee stake, is up for sale with a deadline for bids at the end of next week and a price estimated by analyst between $3 - $6 billion. However, Ghana has been concerned that its interest are not being adequately respected in the sale process and also not being kept sufficiently well informed about the negotiations which is being run by Standard Chartered and Barclays Capital.

Ghana is seeking a partner that can bring the resources and expertise to develop its deep-water fields, which is likely to favour companies such as BP, Shell, Exxon Mobil of the U.S and Petrobras of Brazil over CNOOC which are in the bid.

Last week, the state oil group Ghana National Petroleum Company hired Morgan Stanley, the investment bank, to advise on how to develop its resources most effectively.

Bedrock Venture Capital Finance Company

 

 

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