Kosmos Energy's Ghana bid deadline extended

The bid deadline for private equity-backed Kosmos Energy's Ghanaian oil interests has been extended from Friday and another date will be announced within the next 30 days, said two officials familiar with the matter. A sale of the stake, in the Jubilee Field in Ghana's deep waters, is being closely watched as the asset is one of the largest oil finds in West Africa in the past decade. Predicted to hold 1.2 billion barrels of oil equivalent, the entire field is valued at $15bn (Dh55.1bn) and analysts have said the stake could be valued at $3bn to $5bn. The deadline 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 last week. It also gained approval from the 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, said the officials. It allows the government to be more involved in the auction before a winner is picked. Kosmos Energy has been considering selling its stake in the large Jubilee oil field offshore Ghana for several months, officials have previously said. Other options that remain under consideration include an initial public offering, they said. Bidders could include global energy players BP, Shell Oil, Exxon Mobil, Italy's ENI and China's Cnooc. Kosmos holds a 23.5 per cent interest in Jubilee. Tullow Oil has a 34.7 per cent stake and Anadarko Petroleum has 23.5 per cent. Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .