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14.04.2010 Business & Finance

Gov't denies approving Kosmos-Exxon deal

By Ghanaweb
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The Government of Ghana has debunked reports that it has approved the sale of the 30 percent stake of Kosmos Energy in the Jubilee Field to Exxon Mobil.

This is in response to Monday, April 12 report in the Business Guide newspaper indicating that government has finally agreed to the deal and that chances are that Exxon Mobil's 4 billion dollar bid will materialize.

The Ghana National Petroleum Corporation (GNPC) however maintains government's position on the issue has not changed.

It said the corporation is therefore still prepared with the requisite funds to acquire the stake and consider partnership proposals form interested companies.

The Director of Operations at the GNPC, Thomas Manu, told Citi Business the government is still pursuing this bid and discussions are ongoing with KOSMOS Energy.

According to him, contrary to the reports, neither the GNPC nor the Energy Ministry has consented to EXXON's bid.

He said “there is no formal deal between Exxon Mobil and Kosmos that has been placed before GNPC, and GNPC has not approved of any such deal…the Minister for Energy has also not given approval to any such deal.”

He added that “GNPC has communicated its position to Kosmos and the Energy Minister has also communicated government's position to Exxon Mobil…we're still pursing this discussion with the view that GNPC would acquire the asset.”

Mr. Manu also refuted reports that President John Evans Atta Mills has sent a delegation to Texas, USA, to meet the management of Kosmos Energy to resolve the impasse.

According to him, “GIPC has been pursuing this discussion with Kosmos with the view of acquiring the asset for close to a year now, in view of this, several delegations have made several trips to the US all with the aim of acquiring the assets and negotiations are still ongoing so there is no time line.”

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