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Business News of Tuesday, 8 December 2009

Source: Rakesh Sharma/WSJ

Ghana to Discuss Jubilee Field Stake Sale with Likely Buyers

Ghana National Petroleum Corp. will discuss Kosmos Energy's stake sale in the offshore Jubilee field with ExxonMobil Corp. and other interested companies, the country's deputy energy minister said Monday.

Kosmos has put its 30% stake in the Jubilee field up for sale, and ExxonMobil, Anadarko Petroleum Corp. and China's state-run China National Offshore Oil Corp. are among those reported to be interested.

"We want to make sure Kosmos gets a (fair) value of its investment," Emmanuel Armah-Kofi Buah told reporters on the sidelines of a conference, adding GNPC has the first right of refusal on buying the stake.

He also India's Oil & Natural Gas Corp. is among several other companies interested in the Jubilee field.

The field is estimated to have 600 million-1.8 billion barrels of reserves.