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Exploration and production
Ghana: Jubilee ownership agreement sparks auction
PARTICIPANTS in the 1.8bn barrel Jubilee oilfield have finally agreed on ownership interests – but the agreement has set up an auction for stakes worth $3bn or more. The unitisation agreement gives US company Kosmos a holding of just over 23%, which the firm – owned mainly by private-equity funds Warburg Pincus and Blackstone – says it will sell. A smaller participant, US firm Sabre Oil & Gas, is also said to have invited offers for its stake of just under 3%. Jubilee's size and new-province potential have attracted worldwide interest in the Kosmos holding, with the majors, Chinese state-owned companies and India's state-owned ONGC Videsh all said to have been talking. But the licence agreement gives existing participants the right of first refusal if a share is available, leading to suggestions that UK-Irish firm Tullow Oil, the unit operator, might take up the interest. More speculatively, state-owned ...Click here to continue reading Exploration and production
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