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Article: India: ONGC taps Citi for Kosmos Ghana stake bid.
- Article from:
- TendersInfo
- Article date:
- July 21, 2009
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Byline: manish03
India's leading oil producer ONGC has hired Citigroup (C.N) to advise it on a bid for Kosmos Energy's stake in an oil field in Ghana in a deal that could be worth between $3 billion and $5 billion, sources familiar with the deal said.
Private equity-backed Kosmos, which has received a total of $800 million in financing from Blackstone (BX.N) and Warburg Pincus, has hired Standard Chartered (STAN.L) and Barclays Plc (BARC.L) to sell its stakes in the offshore Jubilee oil field. A potential sale of Kosmos' stake in the Jubilee field is being closely watched as the asset is one of the largest oil finds in West Africa in the past decade.
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