HomeIndustry SectorsEnergy EfficiencyKosmos Energy to retain its assets in Ghana

Kosmos Energy to retain its assets in Ghana

Part of Kosmos
Energy’s giant Jubilee
Field off the
coast of Ghana
Cape Town, South Africa — ESI-AFRICA.COM — 04 November 2010 – Privately held Kosmos Energy “’ a premier independent international energy company focused on West Africa “’ says it has no intention of disposing of its assets in Ghana, and may in fact opt for a private and later public placement to raise more cash for its future development.

Reuters reports that Chinese oil giant CNOOC has made a US$5billion (R34.5 billion) joint bid with Ghana’s state-owned oil firm for Kosmos’ major oil fields in the West African state, after an earlier US$4 billion (R27.6 billion) bid by Exxon Mobil had failed.

“Our strategy for now is to stay in Ghana and continue the development of the resources there,” new ventures vice president Darran Lucas told Reuters on the sidelines of an Africa upstream conference here. “We are not actively pursuing a buyer “’ our strategy is to stick with it.”

Buyers have been circling Kosmos, attracted to the company’s assets. Lucas said the company “’ backed by private equity firms Blackstone Group and Warburg Pincus “’ might consider a private placement and later a public placement to raise cash for the development of the assets and to replenish its portfolio.

“Cash resources are always an issue, and that’s why we are looking to a private placement and possibly a public placement out in to the future to raise more cash,” he said. He added that the timing would depend on a number of factors.