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China close to acquiring stake in Ghana oil: source
Accra (AFP) Oct 16, 2009 A deal by a Chinese state-owned oil firm to acquire Kosmos Energy's stake in oil wells off the coast of Ghana is expected to be sealed next month, a senior official in Ghana's oil sector said Friday. China's National Offshore Oil Corporation (CNOOC) is in advanced stages of talks with Ghana's National Petroleum Corporation (GNPC) to buy Kosmos Energy's 23.5 percent stake in the Jubilee oil field, the source at GNPC told AFP. "Barring any unforeseen circumstances the deal would be sealed early next month," the Ghana's National Petroleum Corporation source said. "This will bring to end speculations about who buys Kosmos' stake in the Jubilee field," added the source. Dallas-based Kosmos Energy has been trying to sell its stake in the Jubilee oil field, a substantial discovery that holds an estimated 1.8 billion barrels of oil. Last week, the company reportedly entered into an agreement with Exxon Mobil to sell its stake in Jubilee for about four billion dollars, a move the state-owned GNPC dismissed as illegal. "We don't recognize the Kosmos-Exxon deal," Thomas Manu, operations director at GNPC, told AFP. "We have the right under the law to cancel any deal that the two parties might have entered into. We have the right to buy Kosmos' stake if they want to sell," added Manu. He said Kosmos violated Ghanaian laws when it shared confidential exploration data with over 20 bidding companies for its own commercial purposes without giving the GNPC any prior notification. The West African country, buckling under a huge budget deficit, expects to start pumping oil in the third quarter of 2010, producing 120,000 barrels a day. The Jubilee field is one of the largest oil finds in West Africa in the past decade. Share This Article With Planet Earth
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China denies involvement with Guinea resource dealBeijing (AFP) Oct 16, 2009 China on Friday denied involvement with a large mining and oil deal in Guinea following accusations it amounted to supporting the west African country's military junta. Guinea's Mining Minister Mahmoud Thiam told AFP Thursday the country's junta-backed government had signed the seven-billion-dollar (4.5-billion-euro) deal with the China International Fund (CIF) and Sonangol, an Angolan partn ... read more |
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