Kosmos Energy Praises Energy Minister for Partnership

Following the conclusion of negotiations for the acquisition of additional interest in the Jubilee and TEN fields from Occidental Petroleum, Kosmos Energy has lauded Ghana’s Energy Minister, Dr Matthew Opoku Prempeh, for ensuring that Ghana has a greater stake in the development of her resources.

In a letter of appreciation addressed to the Minister, the CEO of Kosmos Energy, Andrew G. Inglis, thanked Dr. Opoku Prempeh for his deep engagement and support in the negotiations over the acquisition by GNPC and Kosmos of the Occidental/Anadarko Ghana assets.

Dated October 13th, 2021, the one-page letter spoke highly of the role played by Napo in the said negotiations.

“Without your involvement and strategic direction, I am convinced that we would not have been able to reach such a good result for Ghana, for GNPC and for the partnership”, the letter stated.

On the same October 13th, Kosmos Energy announced from its headquarters in Texas, USA, its acquisition of an additional 18% interest in Ghana’s Jubilee field plus an additional 11% interest in the TEN fields from Occidental Petroleum (OXY).

The purchase price for the arrangement, effective April 1, 2021, was $550 million.

Consideration due to OXY at completion was approximately $460 million after taking into account closing adjustments.

The letter commended Dr. Opoku Prempeh for his involvement and strategic direction which accelerated the two-year long negotiations to a successful conclusion.

Mr. Inglis said he had been impressed by the Minister’s commitment to ensuring that Ghana and the GNPC could find a way to increase the benefit the country should receive from the assets and the partnership.

“I am in full agreement with your clear philosophy that Ghana and its people should have a greater stake in the development of its resources, particularly at a time when investment in the oil and gas industry is proving harder to find”, the Kosmos boss stated.

He said he was delighted that Kosmos now has a simplified partnership for the Jubilee and TEN fields, which should ensure greater investment and increased revenue for the country Ghana.

“Kosmos is committed to making that partnership even more effective, and to working ever closer with you and your team”, he stated, adding that the company was looking forward to discussing ‘further steps for the partnership in respect of effective development of the Jubilee and TEN fields for many years to come.’

Source: Petroleum Commission