CNOOC, Ghana National Make $5bn Bid for Kosmos Assets

CNOOC, Ghana National Make $5bn Bid for Kosmos Assets

CNOOC and Ghana National Petroleum have made a joint $5bn bid to acquire Kosmos Energy’s assets in Ghana. The offer includes the offshore Jubilee field, which holds an estimated 1.8 billion barrels of crude.

The consortium that owns the Jubilee field includes Tullow Oil, Ghana National and Anadarko Petroleum. $3.35bn is expected to be invested in developing the field. It is expected to produce 240,000 barrels of oil from the Jubilee field by 2014-15.

ExxonMobil offered $4bn for the Kosmos assets, which included a 23.49% stake in Jubilee.

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