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ExxonMobil wins race for Ghana oilfield stake
ExxonMobil is to pay Kosmos Energy $4bn for its 23.49% stake in the Jubilee oilfield, reports said yesterday. The field offshore Ghana, Africa's largest find in a decade, holds an estimated 2bn barrels of oil. Tullow, operator, and Anadarko are also involved in the development. The transaction would be lucrative for two private-equity firms, Blackstone Group and Warburg Pincus, which have invested $0.8bn in Kosmos. Eni, India's ONGC, Chevron, and China's CNOOC all "fiercely contested" for the stake, says Global Insight. First oil from Jubilee is due on stream in second-half 2010. Output should rise to 240,000 b/d of oil and 300m cf/d of gas. ExxonMobil refused to comment when contacted by WGC News.
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