|Tussle for control over Ghana's oil|
|Written by Kwesi W. Obeng|
|Wednesday, 29 September 2010 14:47|
The discovery of large oil and gas reserves in the Gulf of Guinea in the last few years has shot the region up as the new hydrocarbon hub of the world. However attempts by Kosmos Energy to sell its Ghana assets to ExxonMobil collapsed in August amidst controversy with the Ghanaian authorities. The scramble for a stake in the region has only begun, writes *Kwesi W. Obeng.
After months of a blistering campaign to acquire 23.5 per cent stake in Ghana's massive Jubilee Field, ExxonMobil, the giant U.S. oil corporation pulled out of the US$4 billion “exclusive and binding agreement” it struck with Kosmos Energy.
The Government of Ghana and state-run Ghana National Petroleum Corporation (GNPC) rejected the deal pointing to Kosmos' breach of the country's laws including sharing confidential data with third parties without government consent as stated in the contract as well as cutting GNPC off in the discussions leading to ExxonMobil's offer.
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