UPDATE 1-Kosmos says deal with Exxon for Ghana business off

* Kosmos Energy says agreement has been terminated

* Ghana’s state oil co wants to buy stake

* Kosmos says production targets for field on track

Aug 18 (BestGrowthStock) – Oil exploration and production company
Kosmos Energy said its agreement with ExxonMobil (XOM.N: ) to sell
its Ghana business has been terminated, frustrating Exxon’s
hopes of entering Ghana’s offshore oil sector for now.

Kosmos’ deal to sell its stake in the Jubilee oilfield has
faced objections from many quarters recently, including from
Ghana National Petroleum Corp, the state oil company that wanted
to buy the stake itself. [ID:nLDE66410L]

Kosmos, backed by private equity firms Warburg Pincus
[WP.UL] and Blackstone Group LP (BX.N: ), agreed last year to sell
its interests in the field to ExxonMobil for $4 billion, sources
close to the deal had said.

Oil production from the Jubilee Field phase one development
is on schedule to begin in the late fourth quarter and is
expected to rise to 120,000 barrels of oil per day during the
first half of 2011, Kosmos said in a statement.

Kosmos owns the field with UK-based oil explorer Tullow Oil
(TLW.L: ) and Houston-based Anadarko Petroleum (APC.N: ). It put its
interest in the field on the market last year.
(Reporting by Anurag Kotoky in Bangalore; Editing by Hans
Peters)

UPDATE 1-Kosmos says deal with Exxon for Ghana business off