Exxon Misses Out On Ghana Field
August 19, 2010 7:26 AM
Exxon Mobil (NYSE: XOM), the largest U.S. oil company, will not be able to acquire Kosmos Energy's stake in Ghana's Jubilee oil field after the African nation's government blocked the deal. Exxon sought to purchase the stake for $4 billion
Privately held Kosmos said it will now seek international partners to help it develop its 23% stake in the field, which is operated by Tullow Oil of the U.K.
The field may hold up to 1.8 billion barrels of recoverable oil and will be the first offshore field in Ghana to produce crude. Bloomberg News said the field is expected to start producing 120,000 barrels a day in 2011.
Anadarko Petroleum (NYSE: APC) holds a 23.5 interest in the field. Jubilee has attracted interest from BP (NYSE: BP) and Chinese oil producers, Bloomberg reported.
