Kosmos Rejects Cnooc Bid For Jubilee Field Stake

Cnooc CEO, China's largest offshore oil driller, and Ghana National Petroleum, have been rejected in their attempt to acquire Kosmos Energy's 23.5% stake in Ghana's Jubilee oil field. Cnooc and GNPC were offering $5 billion, which topped an earlier $4 billion by Exxon Mobil XOM. Still, closely held Kosmos apparently feels the price is too low. The Buckingham Research Group said in a note to clients in September that Anadarko Petroleum's APC stake in Jubilee, which is identical to Kosmos's, has an estimated value of $6.75 billion, according to the Wall Street Journal. Blackstone Group BX and Warburg Pincus own stakes in Kosmos.