Tullow Seeks EO's Stake in Ghana Jubilee Field

Source: Reuters 3/29/2011, Location: Africa

Tullow Oil Plc is hoping to raise its stake in Ghana's Jubilee field by purchasing a 1.75 percent share held by Ghanaian firm EO, a company official told Reuters.

"We can confirm that Tullow is in preliminary discussions with EO Group to acquire its interest in the Jubilee field," said Anthony Aubynn, corporate affairs director for Tullow's Ghana unit.

"I don't know how much the price will be at this stage," he said.

Tullow officials declined to comment on a report that it had bid $300 million for the EO stake.

Tullow is operator of Jubilee, which came on line in December, making Ghana Africa's newest petroleum exporter, and the U.K.-based company currently holds a 34.7 percent stake in the field.

Other stakeholders include Ghana state oil company GNPC with 13.75 percent, private investment group Kosmos with 23.49 percent, Anadarko Petroleum Corp with 23.49 percent, and Sabre Oil and Gas with 2.81 percent.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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