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.