Nascent Ghana oil industry attracts oil majors
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  • China’s largest offshore oil producer CNOOC Ltd. stated that the Ghanaian government had not allowed it to bid for Kosmos Energy LLC’s assets in the African nation. The Ghanaian energy ministry asserted it had “absolute” approval rights over exploration contracts even as the US company Kosmos stated that it had signed a binding agreement to sell nearly 25 per cent of its stake in Ghanian oil field, worth at least $4 billion, to Exxon. Ghana’s nascent petroleum industry has attracted a lot of attention from some of the world’s top energy companies. Ghana expects to pump 500,000 barrels of oil a day by 2014.1

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