China's plans to buy into oil fields in Africa may suffer a third setback in as many months if Exxon Mobil Corp. succeeds in snapping up drilling rights in Ghana, one of the continent's newest oil nations. Closely held Kosmos Energy LLC said last week it agreed to sell its stake in Ghana's Jubilee oil field to Exxon Mobil, which may thwart ambitions in the same area by Cnooc Ltd., the listed arm of China National Offshore Oil Corp. While Ghanaian government officials say the Exxon deal, worth about $4 billion according to a person familiar with the transaction, has not been officially approved, Chinese explorers have hit hurdles since July on other oil deals in Angola and Libya. At stake is China's ability to secure fuel for its economy, which expanded 7.9 percent in the second quarter from a year earlier. China's oil companies in Africa are diversifying from construction projects as a means to gain access to mineral resources, and turning to strategies that include Western deal structures and local banks. In the process, they are competing with some of the world's biggest oil companies in the U.S. and Europe also seeking resources in the region.
Closely held Kosmos Energy LLC said last week it agreed to sell its stake in Ghana's Jubilee oil field to Exxon Mobil, which may thwart ambitions in the same area by Cnooc Ltd., the listed arm of China National Offshore Oil Corp. While Ghanaian government officials say the Exxon deal, worth about $4 billion according to a person familiar with the transaction, has not been officially approved, Chinese explorers have hit hurdles since July on other oil deals in Angola and Libya.
At stake is China's ability to secure fuel for its economy, which expanded 7.9 percent in the second quarter from a year earlier. China's oil companies in Africa are diversifying from construction projects as a means to gain access to mineral resources, and turning to strategies that include Western deal structures and local banks. In the process, they are competing with some of the world's biggest oil companies in the U.S. and Europe also seeking resources in the region.
