The South Korea’s national oil company (KNOC) is eyeing Ghana’s giant Jubilee oil field, according to the Korean firm and Ghana’s state oil agency.
Thomas Manu, director of production at Ghana National Petroleum Corporation (GNPC) said “They have expressed interest in everything, exploration, production and all the potential downstream activities.”
He said the discussions between both sides were at an early stage, as KNOC expressed its interest in buying a stake in the oilfield. “Korea National Oil (Corp) is interested in participating in exploration and also in Kosmos’ assets,” said KNOC CEO Young-won Kang.
GNPC is reported to be in talks to buy the Jubilee stake owned by privately-held Kosmos Energy, which a Ghanaian government source said in February the government wants to block a reported deal for Kosmos to sell its interest in the field to ExxonMobil for $4 billion.
“(The Koreans) have expressed interest in buying a portion of it if we acquire it,” Manu added.
It’s worth mentioning that Jubilee has recoverable reserves of 800 million barrels, according to a statement by Ghana’s Energy Minister, Jospeh Oteng-Adjei.