China close to acquiring stake in Ghana oil: sourceA deal by a Chinese state-owned oil firm to acquire Kosmos Energy's stake in oil wells off the coast of Ghana is expected to be sealed next month, a senior official in Ghana's oil sector said Friday. China?s National Offshore Oil Corporation (CNOOC CNOOC China National Offshore Oil Corporation ) is in advanced stages of talks with Ghana?s National Petroleum Corporation (GNPC GNPC Ghana National Petroleum Corporation GNPC Global Navigation & Planning Chart GNPC Glass Nickel Pizza Company (Wisconsin) ) to buy Kosmos Energy?s 23.5 percent stake in the Jubilee oil field, the source at GNPC told AFP (1) (AppleTalk Filing Protocol) The file sharing protocol used in an AppleTalk network. In order for non-Apple networks to access data in an AppleShare server, their protocols must translate into the AFP language. See file sharing protocol. . "Barring any unforeseen circumstances the deal would be sealed early next month," the Ghana's National Petroleum Corporation source said. "This will bring to end speculations about who buys Kosmos' stake in the Jubilee field," added the source. Dallas-based Kosmos Energy has been trying to sell its stake in the Jubilee oil field, a substantial discovery that holds an estimated 1.8 billion barrels of oil. Last week, the company reportedly entered into an agreement with Exxon Mobil to sell its stake in Jubilee for about four billion dollars, a move the state-owned GNPC dismissed as illegal. "We don?t recognize the Kosmos-Exxon deal," Thomas Manu, operations director at GNPC, told AFP. "We have the right under the law to cancel any deal that the two parties might have entered into. We have the right to buy Kosmos' stake if they want to sell," added Manu. He said Kosmos violated Ghanaian laws when it shared confidential exploration data with over 20 bidding companies for its own commercial purposes without giving the GNPC any prior notification. The West African West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. country, buckling buckling Mode of failure under compression of a structural component that is thin (see shell structure) or much longer than wide (e.g., post, column, leg bone). Leonhard Euler first worked out in 1757 the theory of why such members buckle. under a huge budget deficit, expects to start pumping oil in the third quarter of 2010, producing 120,000 barrels a day. The Jubilee field is one of the largest oil finds in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. in the past decade. 
|
|
|||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion