Ghana blocks ExxonMobil's $4 billion Jubilee deal

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The potential US$4 billion deal between ExxonMobil and Kosmos Energy for a stake in the offshore Jubilee field in Ghana has been blocked by the government of the West Africa state.

Reuters reported that the Ghanaian Energy Minister, Joe Oteng-Adjei, said that the only company allowed to buy the stake from Kosmos Energy would be the state-controlled Ghana National Petroleum.

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Ghana blocking the deal will come as a blow to ExxonMobil and Kosmos who have been in talks for some months. However, Ghana National Petroleum has been describing any potential deal between the two US-based companies as illegal since late last year.

The Jubilee field is believed to be the largest offshore oilfield in Africa with reserves of 2 billion barrels.