HONG KONG: China National Offshore Oil Company (CNOOC), the country's top offshore oil and gas producer, is seeking to bid for a stake worth $3 billion in Kosmos Energy in Ghana's Jubilee oil fields, one of the largest oil reserves in West Africa.

The oil field is estimated to store 1.2 billion barrels of oil equivalent at most and its oil production is expected to start in June 2010.

Aside from CNOOC, other world oil giants, such as Chevron Corp, ExxonMobil Corp, Royal Dutch Shell, Italy's Eni SpA and India's Oil & Natural Gas Corp are also eyeing the deal.

Texas-based Kosmos has businesses across Ghana, Benin, Cameroon, Morocco and Nigeria.

CNOOC's bid comes after Sinopec's $8 billion investment in Addax Petroleum, which has projects in Nigeria, Gabon, Cameroon and Iraq.

CNOOC has hired Goldman Sachs to advise it on the deal.

Separately, as the nation's largest offshore explorer, CNOOC will set up a regional headquarter in Guangdong province as it plans to develop 40 million tons refining capacity and three million tons ethylene production capacity each year in the South China province before 2020.

CNOOC shares gained 0.5 percent to close at HK$9.63 in Hong Kong on Friday.

(HK Edition 06/20/2009 page5)