Kosmos sheds frontier portfolio
Explorer divests non-core assets to cut costs and focus attention on proven basins
US independent Kosmos Energy has agreed to farm down its participating interest in four frontier basins to Shell. The producer will offload its stake in blocks offshore Sao Tome e Principe, Suriname, Namibia and South Africa for up to $200mn. Under the terms of the deal, Kosmos will receive an upfront cash payment of $100mn and another maximum payment of $100mn, dependent on future oil discoveries. Shell will pay Kosmos $50mn for each of any first two commercial discoveries made from an initial four well drilling programme, three of which are planned to be spudded next year. The divestment is part of Kosmos’ strategy to concentrate on proven basins. “Kosmos cash flow has been heavily impac
Also in this section
3 December 2024
Papua New Guinea’s LNG sector appears to be back on track, with other projects in the pipeline
2 December 2024
Crucial role of gas means country is laying the foundations to control physical and trading supply chains
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
Although Iraq remains a major crude exporter, it is still some way from becoming a regional energy supply hub. Ambitious new cross-border schemes aim to rectify that situation
