ONGC has reportedly roped in Citigroup as an advisor to bid for Kosmos Energy's stake in Jubilee oil field in Ghana. The proposed deal is estimated to be between $3 - 5 billion (approx Rs 14,580 - 24,300 crore). ONGC's overseas arm, OVL, is bidding for the proposed oil field.

Kosmos, which has received a total of $800 million (approx Rs 3,888 crore) in financing from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclays Plc to sell its stakes in the offshore Jubilee oil field.

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.

In a related development, Ghana Government has reportedly extended the bid deadline for the Jubilee stake and another date will be announced within the next one month.

Also See:

OVL keen to acquire stake in Ghana fields (14-Jul-09)