BP's Interest in Kosmos Raises Stakes for Ghana Oil Assets

BP has apparently joined the growing list of major energy companies — that already includes ExxonMobil and China’s CNOOC — interested in oil assets offshore Ghana.

The focus is Kosmos Energy, the private equity-backed U.S. company that is selling off its 23.5 percent stake in the Jubilee field offshore Ghana. Kosmos recently agreed to sell its Ghana assets to ExxonMobil for $4 billion.

Exxon was close to finalizing the deal, but the super major’s plans were scuttled when Ghana’s government expressed disappointment in the deal and called the sale illegal. Another road block was added after Ghana National Petroleum Corp. appeared ready to team up with China National Offshore Oil Corp. to make a rival bid for the Jubilee stake.

Now BP is examining whether it is ready to enter the mix and has hired Goldman Sachs Group to advise it, Bloomberg reported this week. 

It should be noted Goldman Sachs was advising CNOOC on the purchase of Kosmos’ Ghana oil assets, which has some wondering if this hints at a BP-CNOOC partnership. Bloomberg reports that Goldman Sachs is no longer advising CNOOC, however.

So, who will get the assets in the end?

It’s destined to be a fight between BP and Exxon with GNPC there to make things more complicated. CNOOC has the cash, but the company is inexperienced and ill-equipped compared to its super major rivals.

For additional BNET coverage on Kosmos Energy:

• Ghana’s Jubilee Field Keeps Getting Bigger, and the Bidding War Does Too
• Exxon Fires Up Acquisition Engine, Buys Kosmos’ Stake in Jubilee
• China Targets Addax, Kosmos in Overseas Asset Grab