ExxonMobil to Buy Major Stake in Ghanaian Oil Field

6 October 2009 (Last Updated October 6th, 2009 18:30)

ExxonMobil has agreed to purchase a major stake in the Jubilee oil field off Ghana's coast from its private equity owners for about $4bn. The sale was initially mooted in the end of 2008 with several major oil groups including Royal Dutch Shell, BP, CNOOC listed as possible bidders for

ExxonMobil has agreed to purchase a major stake in the Jubilee oil field off Ghana's coast from its private equity owners for about $4bn.

The sale was initially mooted in the end of 2008 with several major oil groups including Royal Dutch Shell, BP, CNOOC listed as possible bidders for the oil field, the Financial Times reports.

The private equity owners, Blackstone and Warburg Pincus, made a total investment of $800m in Kosmos Energy, owner of the Jubilee stake, the news service said.

The Jubilee oil field, which was found in 2007 off the Ghanaian coast, is split into two licence areas. Kosmos has a 31% share in one area and an 18% interest in the other.