China’s CNOOC and Ghana National Petroleum have made a joint $5bn bid to acquire Kosmos Energy’s assets in Ghana.

The acquisition offer includes the offshore Jubilee field, which holds an estimated 1.8 billion barrels of crude.

This offer tops an earlier $4bn bid from ExxonMobil for the Kosmos assets, which include a 23.49% stake in Jubilee.

The consortium that owns the Jubilee field includes Tullow Oil, Ghana National and Anadarko Petroleum. It is investing $3.35bn in developing the field.

Ghana expects to produce 240,000 barrels of oil from the Jubilee field by 2014-15 and aims to pump 500,000 barrels of oil a day by 2014.