Petroleum Africa
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Tuesday, October 24, 2017
Kosmos Energy expanded its position in West Africa with the signing of three new PSCs. The company signed the new PSCs with Equatorial Guinea’s Ministry of Mines and Hydrocarbons of Equatorial Guinea, and national oil company GEPetrol.
The company now has access to Block EG-21, Block S and Block W offshore Rio Muni. The deal marks Kosmos’ first PSCs in Equatorial Guinea.
Block EG-21 was offered for tender during the EG Ronda 2016 oil and gas licensing round. Block S and Block W, previously operated by CNOOC and PanAtlantic Energy respectively, were negotiated directly with Kosmos and were not offered under the open bidding round. Block EG-21 covers 2,495 sq km, Block S covers 1,245 sq km and Block W is 2,254 sq km. In each block, Kosmos will hold an 80% stake and GEPetrol will control the remaining 20%.
The PSCs for the blocks stipulate minimum work programs that comprise a first exploratory period of three years, which include acquiring seismic data; a second exploratory period of two years, which includes drilling an exploratory well; and the possibility of two one-year extensions, which include requirements to conduct seismic interpretation and drill another exploration well, respectively. The PSC also stipulates spending on local content and social responsibility.
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