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Ghana discovery sparks fight over oil

ludahai

ludahai

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Interesting that a country named for an ancient kingdom that got rich from the gold trade is now set to get rich from black gold.

However, will they fall into the same pattern of corruption of most other petro-states in the world? Reading this article does not give me a good feeling about this. Hopefully, they won't go down this road and will learn from responsible petro-states like Norway.


Ghana wants to block the estimated $4 billion purchase by ExxonMobil, the world's largest private oil company, of Kosmos Energy's stake in Jubilee Field. Government officials are demanding it be sold to Ghana's state-run oil company, the Ghana National Petroleum Corp. (GNPC).

Some observers say Ghana is trying to stop the ExxonMobil deal so the GNPC can buy the Kosmos stake at a reduced price and resell it to another company at a profit. A number of suitors also have shown an interest in acquiring the stake, including the Korea National Oil Corp. (KNOC), the China National Offshore Oil Corp. (CNOOC), and India's Oil and Natural Gas Corp. (ONGC).
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