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
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy