China also wants to dip her hand in Ghana’s new found oil. China being world’s second largest oil consumer is looking into Ghana and Guinea to help fuel its  economy.

According to the Wall Street Journal, China National Offshore Oil Corp. is in talks with Ghana National Petroleum Corp. (GNPC) to make a bid against Exxon Mobil Corp.’s $4 billion offer for Kosmos stake of Jubilee oil filed.

The bid by Exxon has yet to be approved by the Ghanaian government and China sees this as an opportunity to enter and perhaps win the bid.  The availability of Kosmos stake will soon result in a bidding war between Ghana, China and Exxon.

Just last week, news all over the world had Exxon bid to be a done deal.  According to analysts a bidding war may position Ghana to play a bigger role in the control of the oil field since the Government only owns a small percent.

Jubilee Oil field which is currently being operated by London based Tullow Oil, is projected to hold 1.8 billion barrels of oil and set to produce 120,000 barrels a day starting 2010.

Tags: business news, china, energy, exxon, ghana news, gnpc, kosmos, oil field