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The management of the Ghana National Petroleum Corporation (GNPC) is still in discussion with management of Kosmos Energy over the purchase of its stake in the Jubilee oil field, GNPC Managing Director, Nana Boakye Asafu-Adjaye, said yesterday. Speaking on the sidelines of the three-day Offshore West Africa 2010 Conference, Nana Asafu-Adjaye said that talks are progressing but refused to disclose the details and whether a deal has been clinched. "We have been in various discussions over the months on the acquisition and we are proceeding," he said, without elaborating. Kosmos has 30.86 per cent ownership in the West Cape Three Points block and an 18 per cent interest in the Deepwater Tano block offshore Ghana. GNPC has 10 per cent stake in the West Cape Three Points and Deepwater Tano concession areas and an additional 3.8 per cent stake in the Jubilee field. Kosmos Energy's attempt to sell its stake to Exxon Mobil hit, a snag after GNPC raised legal issues with the deal, saying that it constitutes a breach of the Petroleum Agreement by Kosmos. This prompted GNPC to offer to buy the stake. Mr. Mark Ward, Managing Director and Lead Country Manager of Exxon Mobil, Nigeria, said that the company remains optimistic over its participation in Ghana's nascent oil industry. "We are still interested in Ghana and respect GNPC's views," he said. The Offshore West Africa Conference and Exhibition encourages the growth of local content within the industry and the development of young professionals. The Accra conference will last from March 9 to March 11.