Govt refused prospect of buying KOSMOS’ shares

Ghana has again been refused the prime chance to buy KOSMOS Energy’s 23.49 percent in the Jubilee field.

KOSMOS Energy instead, intends to sell its shares through an Initial Public Offer (IPO) in New York than sell its shares directly to Ghana National Petroleum Corporation, GNCPC.

According to KOSMOS, the reason to publicly trade its shares is to recapitalize its operations.

This implies that government will have to compete for KOSMOS shares on the international market like any other investor, that is, if it is still interested.

Meanwhile, Deputy Information Minister, Samuel Okudjeto Ablakwah, after having studied the Company’s proposal, described KOSMOS’ intent as lawful.

Last year, the GNPC which holds 13.75 percent shares in the oil field expressed interest to buy KOSMOS Energy’s share with funds provided by China.