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Business News of Monday, 11 May 2009

Source: Dow Jones

Tullow's Stake In Ghana Jubilee Field Up For Auction

A stake in Tullow Oil PLC's Jubilee oilfield in Ghana has been put up for auction, the Times reported Sunday.

Standard Chartered PLC and Barclays PLC have been appointed to auction the $3 billion stake, which is expected to attract interest from Royal Dutch Shell PLC (RDSB) and BP PLC (BP) as well as Chinese state-owned groups, it said.

Kosmos Energy owns the 30% stake and its private-equity owners, Blackstone and Warburg Pincus L.L.C, are keen to pocket the cash, it said.

The report didn't provide further details on the stake held by Tullow Oil.