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BP and ExxonMobil to battle over Ghana’s oil
By Masahudu Ankiilu Kunateh, Ghanadot
BP, the oil group, is considering a bid for one of Africa’s
biggest offshore oilfields in a move that could pitch it into a
direct battle for control with ExxonMobil, its arch US rival.
BP has held talks with Ghana National Petroleum Corporation (GNPC)
about a possible joint bid for a stake in the Jubilee deepwater
field in Ghana, which reportedly contains up to 1.8 billion
barrels of oil.
BP has not yet made a final decision but has hired Goldman
Sachs, the US investment bank, to advise it on a possible bid
for the 23 per cent stake held by Kosmos Energy, a private
equity-backed energy firm.
A bid from BP would threaten to derail a plan by Exxon to
acquire the Kosmos stake for more than $4 billion. Kosmos
unveiled plans to sell all of its Ghana assets to Exxon, the
world’s largest oil company, on October 12.
BP could face problems because Exxon’s agreement to buy the
assets from Kosmos is believed to be exclusive. However, Ghana
shocked investors this month by declaring that Exxon’s deal to
buy the stake from Kosmos was illegal.
GNPC has said that it wants to buy the stake and has the cash to
do so, potentially by working with a foreign partner.
Oil and gas experts said “It’s anyone’s guess how this plays
out, but it is clear that there is a strong level of industry
interest.”
The Jubilee field is 35 per cent owned by Tullow Oil, a
UK-listed company whose shares surged yesterday on reports of
BP’s interest.
Other stakeholders include Anadarko Petroleum, another US group,
with 23.5 per cent, and GNPC with just under 14 per cent.
The discovery of oil in the deepwater Jubilee field in June 2007
is set to propel Ghana, whose economy depends on cocoa exports,
into one of Africa’s top oil exporting countries when production
begins next year.
Ghanadot
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