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23 May 2017 01:31 (South Africa)

Exxon takes minority stake in Ghanaian oil field

oil rig 01

Reports say Exxon Mobil will pay some $4 billion for a minority share in an oil field off the coast of Ghana. The 23.49% acquisition of the Jubilee field gives Exxon a piece of a major new petroleum bloc covering more than 1,000km of coastline from Sierra Leone to Ghana. The stake, owned by Dallas-based Kosmos Energy, started a bidding war between global and state-owned oil firms, and included Chinese companies. Kosmos says it has entered into a binding agreement with an exclusive bidder.

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