Kosmos Energy reduces stake in blocks offshore Sao Tome

Kosmos Energy reduces stake in blocks offshore Sao Tome

Dallas-based Kosmos Energy has agreed to farm out to Portuguese firm Galp Energia, portions of its stakes in three blocks offshore the African island of Sao Tome and Principe.

Kosmos is giving up 20% non-operated shares of blocks 5, 11 and 12 to the Galp and the Portuguese firm will pay a proportionate share of Kosmos’ past costs.

Kosmos will still retain a 45% share of blocks 5 and 12 and 65% of block 11. Other partner companies Equator Exploration and ANP hold the other shares of those blocks.

The announcement came as Kosmos posted a net loss of $59.8m in the third financial quarter.

Last month the company announced taking a 90% stake in one block, C6, offshore Mauritania in northwest Africa.

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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