Hess joins Kosmos and Chevron in offshore Suriname development

Dallas-based Kosmos Energy announced on Tuesday it is giving up part of its interest in an offshore Suriname development to a subsidiary of New York-based Hess Corporation.

Under the farm-out agreement the subsidiary, Hess Suriname Exploration, will also acquire an interest from oil supermajor Chevron, with the total amounting to a one-third non-operated stake in the Block 42 contract area.

Kosmos and Chevron will each have one-third shares, too. Financial terms of the agreement were not disclosed.

Under the deal Hess will fund a seismic survey and a portion of the first exploration well in Block 42.

Kosmos has held rights to Block 42 and the adjoining Block 45 – amounting to more than 11,000 square km (around 4,250 sq miles) – since 2011 under contracts with the Suriname government.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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