LAGOS, Nigeria—Ghana is set to become Africa's newest oil producer on Wednesday when one of the world's biggest recent oil-field discoveries comes online, capping three years of fierce competition for the region's energy resources.
The 1.5 billion-barrel Jubilee field has drawn interest from Western and Chinese oil multinational corporations as well as from American venture capitalists. At least $4 billion has been invested in the offshore field by various partners.
The field is operated by the U.K.'s Tullow Oil PLC, which has a 34.7% stake. Dallas-based Kosmos Energy LLC—which is backed by private-equity firms Blackstone Group LP and Warburg Pincus.