Kosmos Energy and Chevron to jointly explore Suriname interests

Kosmos Energy has entered into an agreement with Chevron Global Energy Inc. under which Kosmos will assign half of its interest in Blocks 42 and 45, offshore Suriname, to Chevron.

Under the agreement, Kosmos will have a 50% working interest and remain operator of both blocks until the end of the exploration phase. Chevron will assume the remaining 50% working interest and will be development operator of any commercial discoveries.

Blocks 42 and 45 cover an area of approximately 2.8 million gross acres, at water depths ranging between 200 and 2600 m (approximately 650 to 8500 ft). Kosmos originally executed Production Sharing Contracts for Blocks 42 and 45 in December 2011. The agreement is subject to certain customary closing conditions.

Brian F. Maxted, Chief Executive Officer, said, “Our agreement with Chevron for Blocks 42 and 45 unites the interests of both organizations in pursuing a potentially substantial and significantly underexplored petroleum system. We see the combination of Kosmos’ exploration expertise and Chevron’s industry-leading deepwater development technology as a positive for both companies and a significant benefit for Suriname. Together, we are aggressively advancing our exploration of the blocks, with plans to commence an approximately 5000 km2 3D seismic program later this year. First drilling is currently planned for 2014.”

Adapted from Peter Farrell.

Read the article online at: https://www.worldpipelines.com/business-news/21062012/kosmos-and-chevron-corp-will-jointly-explore-two-blocks-offshore-suriname/