Report: ExxonMobil buys stake in African oil field

COLUMBUS, Ohio — ExxonMobil has bought Kosmos Energy’s stake in oil blocks offshore the West African country of Ghana in an area that contains huge crude discoveries, The Wall Street Journal reported Tuesday.

The deal would be the first by one of the world’s largest oil companies in the area, the newspaper said, citing a person familiar with the matter.

Bankers have put a value on the stake at $3 billion to $4 billion, the Journal said.

Houston-based ExxonMobil declined to comment on the report. A message seeking comment was left with Dallas-based Kosmos Energy.

The country’s Jubilee field plus a separate discovery off Sierra Leone last month have signaled the potential for multibillion barrel finds in an area that stretches through the waters of the Ivory Coast and Liberia.

Ghana’s president said nearly two years ago that offshore oil reserves totaled 3 billion barrels.

Kosmos, a privately held international oil exploration and production company with a focus on West Africa, owns a 30.875 percent stake of the West Cape Three Points Block and 18 percent of the Deepwater Tano Block. Tullow Oil PLC and Anadarko Petroleum Corp. are partners.

Kosmos said in July that the Jubilee Field could potentially hold 650 million barrels to 2 billion barrels of oil equivalent. It said it expected the first oil production to begin in late 2010.

ExxonMobil shares rose $1.08, or 1.6 percent, to $68.66 in trading Tuesday. The shares have traded between $56.51 and $83.64 over the past year.