CNOOC gets advice on bid for Kosmos

By Joseph Chaney | June 20, 2009, Saturday |

Print Edition

CHINA'S top offshore oil and gas producer CNOOC Ltd has hired Goldman Sachs to advise it on a bid for a stake in Africa-focused oil and gas firm Kosmos Energy, a source said yesterday, in a deal that may be worth about US$3 billion.

Private equity-backed Kosmos, which has received a total of US$800 million in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the Jubilee oil field offshore Ghana.

CNOOC's pursuit of Kosmos comes quickly on the heels of Sinopec Group's expected US$8-billion bid for Addax Petroleum, which has projects in Nigeria, Gabon, Cameroon and Iraq.

Texas-based Kosmos has interests across Ghana, Benin, Cameroon, Morocco and Nigeria, including the Jubilee Field.

Jubilee, one of the largest oil finds in west Africa in the past decade, is predicted to hold 1.2 billion barrels of oil equivalent. The entire field is valued at about US$15 billion.

India's ONGC is also likely to bid for the Kosmos stake.

Energy

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CNOOC gets advice on bid for Kosmos

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