US oil giant, Kosmos Energy seems to have dribbled Government over the sale of its 30 percent stake in the Jubilee Oilfield, which is valued at $4 billion.
A source told CITY&BUSINESS GUIDE that Government had not received any notification from the company that it had sold its stake in the Jubilee field in the Western coast of the country.
Under the laws governing Ghana's oil sector, the Energy Minister, is required to approve the sale of any oil field in the country.
The source said, “Since the Energy Minister, Dr. Oteng Adjei was not involved in the deal, the government would not accept any transaction.”
Government, he noted, prefers China National Offshore Oil Company (CNOOC) and therefore wanted the first option to buy the stake, but Kosmos Energy had decided to sell its 30 percent stake in the Jubilee Oilfield, which has UK firm, Tullow Oil Plc and Anadarko as partners.
The Government through the Ghana National Petroleum Corporation (GNPC) has 10 percent share in the Jubilee field.
International media reported on Tuesday that ExxonMobil had bought Kosmos Energy's stake in the Jubilee Oil field.
Though the reports say the deal had been sealed, the government has refused to accept the report of the sale.
In July this year, the oil company announced plans to move to Benin to start another oil exploration project, but postponed the sale because several oil and gas exploration companies including Royal Dutch Shell, Gazprom, Chevron, ADNOC and CNOOC had showed interest in the field.
The report further stated that these companies had been informed about Kosmos' exclusive arrangement with ExxonMobil.
“Kosmos decided to leave the country because it did not want to suffer any risks associated with drilling, which is capital intensive and was unhappy with Government' intention to withdraw the Oil and Gas Bill that was drafted by the previous NPP administration,” he noted.
In a related development, the GNPC says it would pursue an agenda to buy Kosmos Energy's stake in the Jubilee Oilfield.
According to information, GNPC is unperturbed about the latest report of Kosmos Energy's agreement with ExxonMobil.
Valued at $15 billion, the Jubilee Oilfield, located in the Gulf of Guinea, is one of the largest oil discoveries in West Africa with over 1 billion barrels of oil in commercial quantities.
Kosmos collaborated with Anadarko Petroleum Corporation of the US to acquire equal shares of the field; with Tullow having 23 percent share of Jubilee Oilfield.
Kosmos Energy holds 30.875 percent of the West Cape Three Point Block and 18 percent in the Deepwater Tano block; with Tullow Oil Plc and Anadarko Petroleum Corp (APC) as its partners.
The Tweneboa well in Deepwater Tano is also believed to be another large oil reservoir.
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