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Exxon Buys Kosmos' Ghana Oil Field Stakes


2009-10-07 05:08:56
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Exxon Buys Kosmos' Ghana Oil Field Stakes

The truth has revealed itself.I alway say ''Education is not the mere formal classroom work but the empowerment of the mind that brings a sidnificant changes in and transformations in the life of mankind''The so-called educated greedy,selfish and hopeless polticians who don't think about the people of Ghana not alone generation unborn are putting our mother Ghana in a mess.In a London Business Newspaper (CITYA.M)dated 7 October 2009 with the caption ''Blackstone in windfall from oil field stake''Exxon has snapped up a large interest in the Jubilee field in Ghana,which is run by a firm called Kosmos Energy which is controlled jointly by Blackstone and Warburg Pincus.It continued to say''The sale price of the oil field interest is undisclosed.Analyst have put widely varying valuations on the field itself-some said yesterday it could be worth over $10 billion (£6.3billion),but one industry source said a figure of $4bn was more likely.Kosmos put its 18 per cent interest in the Deepwater Tano oil field block,in which jubilee is located,on the market early this year.Shares of Kosmos's partners in the oil field,UK-based explorer Tullow oil and U.S-based Anardarko Petroleum,also jumped on the news amid hopes that when the sale price comes to light it will suggest the field had been previously undervalued.''The field could be worth $6 a share to Anadarko.That's not reflected in the share price,''said one hedge manager''.Anadarko shares traded up 4.8 per cent in afternoon trading,while Tullow Oil shares traded up 7.7 per cent.What a hech are our resources are being valued by foreigners though we have Business Analyst,Doctors,and Professors includind the President himself.Indeed Neo-colonialism is at its highest point.There are more to come and the discovery of this oil instead of it being a blessing is going to be a curse as it has been known in some African coutries.STAY TUNED!

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10-06 14:58
10-07 05:08