India’s ONGC Joins Race for Ghana Fields

13 July 2009 (Last Updated July 13th, 2009 18:30)

India’s Oil & Natural Gas Corporation (ONGC) has joined other hopefuls to buy a 30% stake in the Jubilee oilfields offshore Ghana from US company Kosmos Energy. The state-run oil company is expected to make a formal bid in July, according to India’s Economic Times. <

India’s Oil & Natural Gas Corporation (ONGC) has joined other hopefuls to buy a 30% stake in the Jubilee oilfields offshore Ghana from US company Kosmos Energy.

The state-run oil company is expected to make a formal bid in July, according to India’s Economic Times.

According to the paper the ONGC is likely to team up with a foreign company to make a bid of between $3bn and $4bn for the fields.

The list of potential bidders includes Shell, ExxonMobil, Chevron and Eni. Ghana’s national oil company has also expressed interest, along with China's state oil company CNOOC.

The Jubilee oilfields are estimated to have oil reserves of 1.2 billion barrels. Commercial production is expected to begin in June 2010.