China oil firms eye Ghana investment

China Petroleum & Chemical Corp (Sinopec), China National Offshore Oil Corp (CNOOC) and China National Petroleum Corp (CNPC) are each hoping to be chosen to lead a bid for a West African oilfield, the South China Morning Post reported. The sale of an oilfield off the coast of Ghana, the principal asset of unlisted US-based Kosmos Energy, could fetch more than US$3 billion and is expected to attract bids from oil companies around the world. The field is believed to hold oil in excess of 1.2 billion barrels of already proven reserves. Beijing will choose one of China’s state-owned oil firms to pursue China’s bid.