The China National Offshore Oil Corporation (NYSE:CEO) Ltd.(CNOOC Ltd., CEO.NYSE; 0883.HK) has failed in a joint bid with Ghana National Petroleum for Kosmos Energy’s Ghanaian assets, an official with the west African country’s state oil firm was quoted as saying by the Wall Street Journal.
CNOOC Ltd., China’s largest offshore oil and gas producer, and Ghana National Petroleum Corp. were said to jointly bid for Kosmos Energy LLC’s stakes in the offshore Jubilee oilfield in Ghana with 5 billion US dollars.
Jubilee oilfield, estimated with 1.5 billion barrels of oil reserves, is expected to start operation in December 2010. US-based Kosmos Energy holds 23.5 percent stake in the oilfield. (Edited by Qiu Jun, Qiujun)