maybe one day

This is the dream. $5b for 24% of 1.8bbo being offered.

http://business.peacefmonline.com/industry/201010/96521.php

GNPC And Chinese Company Bid $5 bln For Kosmos Assets

Date: 23-Oct-2010


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China National Offshore Oil Corporation's (CNOOC) oil refinery is seen in Huizhou, China's southern Guangdong province July 28, 2009.


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China National Offshore Oil Corporation's (CNOOC) and Ghana National Petroleum Corp. (GNPC), have made a $5 billion bid to buy Kosmos Energy LLC's assets in the West African state, including its stake in the Jubilee field, Bloomberg reported.

The all-cash, fully financed bid -- the first from the CNOOC and GNPC -- was received about two weeks ago, the news agency said, citing three people with knowledge of the matter.

Bloomberg said the sources declined to be identified as the talks were private.

The offer tops an earlier, failed bid of more than $4 billion from Exxon Mobil for the Kosmos assets, which include a 23.49 percent stake in Jubilee.

The field holds an estimated 1.8 billion barrels of crude, enough to supply every refinery on the U.S. East Coast for more than four years.

GNPC is also holding preliminary talks with Statoil ASA, seeking to interest Norway's largest oil company in becoming a third partner in a Kosmos bid, Bloomberg cited the sources as saying.

Last month media reported that Kosmos, a Texas-based oil and production company, was considering an intitial public offering that would value that company at about $5 billion.

CNOOC, China's top offshore oil producer, said earlier this month it would pay $1.1 billion for a stake in a U.S. shale oil and gas field.

Most outbound acquisitions by China's oil companies this year have been in risky areas such as Africa, which Western rivals have avoided, or in locations with aging assets.