Kosmos: Ghana deal with ExxonMobil ends

Aug. 18, 2010
Kosmos Energy LLC said a share-purchase agreement with ExxonMobil Corp. related to acquisition of its Ghana business has been terminated.

By OGJ editors
HOUSTON, Aug. 18
-- Kosmos Energy LLC said a share-purchase agreement with ExxonMobil Corp. related to acquisition of its Ghana business has been terminated.

Kosmos, a private company based in Dallas, is operator of the West Cape Three Points Block off Ghana, where production will start soon from deepwater Jubilee oil field. The field extends into the Deep Water Tano Block operated by Tullow Oil PLC, London. Tullow is the field operator.

ExxonMobil was reported last year to have agreed to buy a stake in Jubilee field from Kosmos in a $4 billion deal (OGJ, Oct. 19, 2009, Newsletter). Kosmos announced termination of an agreement without elaborating.

In the announcement, Kosmos said the first phase of Jubilee development is on schedule, with production set to begin in the fourth quarter this year and to stabilize at 120,000 b/d in the first half of 2011.