fetching latest news
News tagged in:
Kosmos Energy has agreed to sell certain exploration assets worth $200 million in Africa and South America to Royal Dutch Shell. Kosmos plans to use up to one-third of the initial sale proceeds of $100 million to test two high-quality infrastructure-led exploration prospects in the Gulf of Mexico. Shell will acquire the company’s participating interest in blocks offshore São Tomé and Príncipe, Suriname, Namibia and South Africa.
Dallas-based Kosmos Energy has informed about plans of abandoning Pontoenoe-1 offshore exploration well in Block 42, offshore Suriname due to failure in finding oil. Although Kosmos found high-quality reservoir at the Pontoenoe-1 well, primary exploration showed reservoir to be water-bearing and no commercial hydrocarbons were discovered. Kosmos is the operator of the Block 42, where Hess and Chevron are partners.
Owing to stability issues in drilling operations, Kosmos Energy Ltd has decided to respud its Anapai-1 well, offshore Suriname. The well design has been altered to address the shallow borehole stability issues and drilling should take 50-60 days. The Anapai drilling venture has already seen a US $20 million investment from Kosmos Energy Ltd, where the company has a 33.3% stake alongside Chevron which owns 50%.