No Kosmos Ghana Oil Stake Sale Until Devt Plan Signed-Sources
May 13 2009 - 11:14AM
Dow Jones News
Kosmos Energy LLC is continuing with plans to sell its stake in
oil fields discovered offshore Ghana, with an asking price of
around $3 billion, but the deal can't close before a development
plan is agreed between the companies involved and Ghana's
government, people familiar with the matter told Dow Jones
Newswires Wednesday.
The development plan for the Jubilee offshore field is expected
to be signed within the next few weeks, said one person familiar
with the matter. "There's no real concern that it won't be
forthcoming," the person said.
Another person familiar with the talks said Kosmos Energy's
intention to sell its stake and the Ghanaian government's financial
difficulties have complicated matters and delayed the signing of
the plan, but neither are insurmountable obstacles.
There are plenty of parties, including major international oil
companies and large Asian oil companies, interested in acquiring
Kosmos' stake in the two offshore blocks - 18% of Deepwater Tano
and 38.875% of West Cape Three Points, the people said.
The exploration and development plan has been led by U.K.-listed
Tullow Oil PLC (TLW.LN). Anadarko Petroleum Corp. (APC) is also a
partner in the fields. Both have preemption rights for Kosmos
stake.
Company Web site: www.kosmosenergy.com
-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317;
james.herron@dowjones.com