Kosmos Ghana Bid Deadline Extended

NEW YORK (Reuters) – The bid deadline for private equity-backed Kosmos Energy’s Ghanaian oil interests has been extended and another date will be announced within the next 30 days, two sources familiar with the matter said on Friday.

The bid deadline had previously been on Friday.

The extension gives bidders extra time to digest major developments over the past week. Kosmos Energy secured a $750 million loan facility to fund development of the discoveries this week. It also gained approval from the Ghanaian government for a phase-one plan of development for the field.

Any bid would need to be vetted by the Ghanaian government. Extending the deadline will lengthen the auction process but should shorten the time between signing and closing the deal, the sources said. They declined to be named because the discussions have not been made public.

Kosmos Energy has been considering selling its stake in the large Jubilee oil field offshore Ghana for several months, sources have previously told Reuters.

The stake is predicted to hold 1.2 billion barrels of oil equivalent and could fetch $3-5 billion, analysts have said.

Sale of the asset is expected to attract considerable interest.

Bidders could include global energy players BP (BP.L), Shell Oil (RDSa.L), Chevron Corp (CVX.N), Exxon Mobil (XOM.N) and Italy’s ENI SpA (ENI.MI) and China’s CNOOC (0883.HK)(CEO.N).

(Reporting by Megan Davies; Additional reporting by Michael Erman in New York; Editing by Richard Chang)