50 Firms Chase Jubilee Oilfield

Dr Kwabena Donkor

Some 50 international oil companies, including Chinese firms, have expressed interest in the exploration of Ghana's giant Jubilee oilfield, the Deputy Energy Minister, Kwabena Donkor said on Friday.

Ghana is due to start the production of oil from the Jubilee oilfield in the fourth quarter of 2010.

It is believed to hold between 500 million and 1.8 billion barrels of oil equivalent.

“We have had about 50 companies wanting to invest in the upstream sector of our oil industry,” he told reporters.

“Out of this, there are a number of Chinese companies since China is the single largest investor in the world. We would have been surprised if they had not approached us,” Mr. Donkor said.

Mr. Donkor added that Ghana has also received offers from U.S. and Scandinavian oil companies; but did not elaborate.

He mentioned that the Energy Minister, Oteng Adjei was in China on a business trip that related to the energy sector, but declined to comment on whether the minister's trip had anything to do with Jubilee oilfield.

There is speculation that Chinese companies could be interested in purchasing a stake in Jubilee that is held by the private oil firm, Kosmos Energy.

According to sources close to the matter, Exxon Mobil has already been contracted by Kosmos Energy to buy its stake in the Jubilee Oilfield.

Ghana National Petroleum Corporation (GNPC) is also interested in the asset.

Source: Reuters