BP Could Bid for Ghana Jubilee Field

25 October 2009 (Last Updated October 25th, 2009 18:30)

BP is considering a possible joint bid for a stake in Ghana's Jubilee deepwater field, one of Africa's largest offshore oilfields, it has been revealed. The oil group has appointed the US investment bank Goldman Sachs to advise it on a bid for Kosmos Energy's 23% stake in the Jubilee fi

BP is considering a possible joint bid for a stake in Ghana's Jubilee deepwater field, one of Africa's largest offshore oilfields, it has been revealed.

The oil group has appointed the US investment bank Goldman Sachs to advise it on a bid for Kosmos Energy's 23% stake in the Jubilee field, which consists of more than 1.8 billion barrels of oil.

BP's bid could jeopardise ExxonMobil's proposal to buy Kosmos' stake for more than $4bn, wrote The Times.

On 12 October, Kosmos said that it would sell all its Ghana assets to Exxon.

Earlier this month, Ghana said that Exxon's proposal to acquire Kosmos' stake was illegal.

GNPC has said that, in collaboration with an overseas partner, it wants to acquire the stake and has the required cash.

Jubilee field stakeholders include Tullow Oil with 35%, Anadarko Petroleum with 23.5% and GNPC with slightly less than 14%.

The Jubilee field oil discovery is expected to make Ghana one of Africa's leading oil exporting nations, once production commences in 2010.