CNOOC Takes on ExxonMobil

One of the emerging hot spots in world for new oil is Ghana. In fact, the country may be an oil exporter by the end of the year. There was a recent discovery of oil in the Jubilee oil fields which is estimated to hold 1.8 billion barrels of oil.

Part of the field is held by Kosmos Energy and it was planning on selling its stake to ExxonMobil (XOM) for $4 billion. However, the Wall Street Journal reports that China National Offshore Oil Corp. or CNOOC (CEO) is planning on making a rival bid.

This is big news because it shows how important China’s energy industry is. I made CNOOC one of my top 5 stocks in Blue Chip Growth this month. The stock is up to a new 52-week high today.

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