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CNOOC, GNPC Acquire Kosmos Ghana Assets

Source: Reuters 10/21/2010, Location: Africa

Chinese oil giant CNOOC, chasing global energy assets to feed the country's rapid growth, has made a joint $5 billion bid with Ghana National Petroleum Corp for major fields in the West African state, a source close to the deal.

The offer tops an earlier failed bid of more than $4 billion from Exxon Mobil for Kosmos Energy LLC's assets, which include a 23.49 percent stake in Jubilee, one of the largest oil discoveries in the world in recent years.

GNPC has been vocal about wanting to increase its stake in the oil blocks but sources close to Kosmos previously said it had failed to secure funding.

Kosmos said the Exxon deal, agreed last year, expired in August, after the parties failed to secure Ghanaian government approval.

GNPC sources had been talking to CNOOC about a possible bid.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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