South Korea Interested to Invest Oil Exploration Project in Ghana
Ghana’s largest oil field, the Jubilee oil field has been up for grabs, and oil majors from across the world are falling over each other to grab it. And now it is the South Koreans.
Since Komos Energy put up their stake in the Jubilee field for sale, Ghana has been in the spotlight, as major oil companies including state-owned companies shove each other aside to acquire the stake.
In July 2009, the Indian state-run Oil & Natural Gas Corporation (ONGC), expressed interest in buying Kosmos Energy’s stake in the field.
And then in August 2009, the Chinese revealed their interest in the field. The China National Offshore Oil Company (CNOOC) showed keen interest in buying the stake. The Chairman of CNOOC, Fu Chengyu told the Reuters news service that China was bidding for the stake. “We are participating in the bid,” he was reported to have said. The bid was put at $3 billion to $5 billion.
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March 21st, 2010
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