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Exxon Mobil 'considering deal with Gulf Keystone Petroleum'

Exxon Mobil is reportedly considering putting in a bid for Gulf Keystone Petroleum.

19 December 2011

Exxon Mobil has been reported to be considering a deal with Gulf Keystone Petroleum (GKP), which could require the hiring of merger and acquisition consultants.

The Independent on Sunday reported the US energy giant may make a £7 billion bid for the company, hoping to take advantage of a major oil find in Kurdistan.

However, it is thought GKP considers this amount too small and is seeing interest from other companies such as Chevron and Sinopec, with rumours spreading that GKP chief executive Todd Kozel will be happy to sell up.

The news provider noted the government for Shaikan, where the fuel has been discovered in large quantities, is looking for a major energy player to develop its field.

Reuters spoke to an Exxon spokesman about the deal but was not able to find out any more details.

"It's not our practice to comment on media reports, rumours or speculation," the official told the news provider in an email.

Posted by Edel Quinn

Sources: Independent on Sunday and Reuters, December 18th

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