Kosmos resolves ”issues” with Ghana

Texas-based Kosmos Energy said it signed an agreement with the government of Ghana and Ghana National Petroleum Company (GNPC) to “amicably resolve” several issues between them.

Kosmos said the issues included matters related to its debt facility and corporate structure.

It added that it had also agreed to a solution with the Ministry of Science, Environment and Technology in regard to accidental mud discharges offshore Ghana earlier in the year, where the company would support the Ministry’s efforts to build capacity in the environmental sector.

Earlier last year, Kosmos announced plans to sell its interests in Ghana, which was followed by a failed $4 billion bid by ExxonMobil in August 2010. In October, GNPC and China National Offshore Oil Corporation made a $5 billion joint bid, which was axed when Kosmos shelved plans to sell the assets in last November.

“With first oil from the Jubilee Field flowing and these issues behind us, the government, GNPC and Kosmos have reaffirmed their positive and forward-looking relationship,” said Kosmos chief operating officer, Brian F Maxted.

“We anticipate significant on-going capital investment in Ghana as we seek to expand and develop our oil and gas discoveries on the West Cape Three Points and Deepwater Tano licenses.”

Kosmos Energy holds a 23.491% in interest in the Jubilee field, 30.875% interest in West Cape Three Points and an 18% stake in the Deepwater Tano Block.


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