OVL has evinced interest in acquiring 30 per cent stake in Jubilee oil fields
in Ghana from the US based Kosmos Energy.
The company is likely to join hands with a foreign firm to submit its formal
bid during July 2009. The proposed bid is expected to be in the range of $3-4
billion (approx Rs 14,640 - 19,520 crore). The Jubilee oil fields are estimated
to have oil reserves of 1.2 billion barrels and its commercial production is
likely to start in June 2010.
The other potential bidders include Royal-Dutch Shell, US based Exxon Mobil
and Chevron Corporation, ENI of Italy, Ghana's national oil firm and China
National Offshore Oil Company.
Kosmos Energy has roped in Standard Chartered and Barclays as its advisors
for the stake sale. The company owns 30 per cent in the Jubilee while the other
partners include US based Anadarko Petroleum.
Also See:
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