(AFP) – 20 hours ago
ACCRA — Kosmos Energy, a US-based private oil firm, has rescinded a decision to sell its four billion dollars (almost three billion euros) of shares in Ghana's massive Jubilee oil field, a company official told AFP Tuesday.
"The best option for Kosmos now is to stay and see through the production of oil from the Jubilee field rather than sell our stakes," said the official, who demanded anonymity.
The US company had said last year it wanted to sell its stakes in the West Cape Three Points and adjacent Deepwater Tano blocs in the Jubilee field, one of west Africa's largest oil finds in the past decade.
With more than a billion barrels in reserves, the first barrels of crude are expected from the field in the last quarter of the year.
"Additionally, there are other very good prospects on the Kosmos blocs which we believe we should develop to enhance the value of our assets," said the official, speaking on the margins of an oil and gas conference in Accra.
"We still have Odum and Teak well which have not been appraised and drilled yet and we believe there are a lot of prospects there as well," he added.
Ghana's Energy Minister Oteng Adjei said that the Kosmos issue was being resolved amicably between the two parties.
"The issue will be resolved amicably and the parties involved will be happy... We want to work closely with each other to reach a final solution on the issue," Adjei told AFP.
The minister said that Ghana was on track to start oil production in the last quarter of this year.
"We have done enough to ensure that the oil find becomes a blessing to Ghana and not a curse as witnessed in other countries," he said.
In Ghana's west African neighbour Nigeria, unrest in the oil-rich Niger Delta has considerably hurt the country's multi-billion-dollar oil and gas industry in the past four years.
"Ghana has put in place policy intervention to ensure transparency and accountability in petroleum administration in the country. To this end, Ghana would soon be involved in the Extractive Industries Transparency Initiative (EITI)," Adjei told participants at the three-day conference.
EITI sets global standards for transparency in oil, gas and mining.
The minister said Ghana would also adopt the model of Trinidad and Tobago in using mostly locals for its oil industry.
ACCRA — Kosmos Energy, a US-based private oil firm, has rescinded a decision to sell its four billion dollars (almost three billion euros) of shares in Ghana's massive Jubilee oil field, a company official told AFP Tuesday.
"The best option for Kosmos now is to stay and see through the production of oil from the Jubilee field rather than sell our stakes," said the official, who demanded anonymity.
The US company had said last year it wanted to sell its stakes in the West Cape Three Points and adjacent Deepwater Tano blocs in the Jubilee field, one of west Africa's largest oil finds in the past decade.
With more than a billion barrels in reserves, the first barrels of crude are expected from the field in the last quarter of the year.
"Additionally, there are other very good prospects on the Kosmos blocs which we believe we should develop to enhance the value of our assets," said the official, speaking on the margins of an oil and gas conference in Accra.
"We still have Odum and Teak well which have not been appraised and drilled yet and we believe there are a lot of prospects there as well," he added.
Ghana's Energy Minister Oteng Adjei said that the Kosmos issue was being resolved amicably between the two parties.
"The issue will be resolved amicably and the parties involved will be happy... We want to work closely with each other to reach a final solution on the issue," Adjei told AFP.
The minister said that Ghana was on track to start oil production in the last quarter of this year.
"We have done enough to ensure that the oil find becomes a blessing to Ghana and not a curse as witnessed in other countries," he said.
In Ghana's west African neighbour Nigeria, unrest in the oil-rich Niger Delta has considerably hurt the country's multi-billion-dollar oil and gas industry in the past four years.
"Ghana has put in place policy intervention to ensure transparency and accountability in petroleum administration in the country. To this end, Ghana would soon be involved in the Extractive Industries Transparency Initiative (EITI)," Adjei told participants at the three-day conference.
EITI sets global standards for transparency in oil, gas and mining.
The minister said Ghana would also adopt the model of Trinidad and Tobago in using mostly locals for its oil industry.
About 250 delegates from 30 countries, including France, Nigeria, Uganda, Norway and Trinidad and Tobago are participating in the conference, which ends on Wednesday.
Source: http://www.google.com/hostednews/afp/article/ALeqM5h4k4QirgztJF90kdWOzmWe9HB5Aw
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