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ONGC in race for Ghana oilfield stake

ONGC in race for Ghana oilfield stake
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First Published: Tue, Jul 14 2009. 04 57 PM IST
Updated: Tue, Jul 14 2009. 04 57 PM IST
Mumbai: Oil & Natural Gas Corp is likely to join hands with a foreign company and put in a bid of $3 billion to $4 billion for a 30% stake in an oilfield in Ghana, the Economic Times reported on Tuesday.
The state-run explorer’s overseas arm, ONGC Videsh, has initiated due diligence process for buying the holding from US-based Kosmos Energy, the newspaper said, citing unnamed persons familiar with the development.
A formal bid is expected to be put in this month, it said.
“No one is authorised to speak on any potential deal,” the paper quoted ONGC chairman R.S. Sharma as saying.
A spokesman for ONGC declined comment on the report.
Last week, Ghana’s deputy energy minister had said Ghana National Petroleum Corp (GNPC) was interested in buying Kosmos Energy’s 30% stake in the offshore Jubilee field, which is one of the largest oil finds in West Africa in the past decade.
The field, operated by Tullow Oil in partnership with private equity-backed Kosmos Energy and GNPC, has an estimated resource potential of up to 1.8 billion barrels.
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First Published: Tue, Jul 14 2009. 04 57 PM IST
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