New offshore Mauritania exploration licenses for Kosmos Energy

Source: Kosmos Energy

Kosmos Energy (NYSE: KOS) announced today that it has signed three Production Sharing Contracts (PSCs) with the Government of Mauritania for Blocks C8, C12, and C13 offshore Mauritania. The contracts will take effect upon formal ratification by the Government of Mauritania. The blocks, which are contiguous, range in water depth between 1,600 and 3,000 meters (approximately 5,250 to 9,800 feet), and have a combined acreage extent of approximately 27,200 square kilometers (6.7 million gross acres).

Kosmos will be operator of the three blocks with a 90 percent interest. The national oil company, Societe Mauritanienne des Hydrocabures (SMH), will hold a carried interest of 10 percent. In the initial exploration phase under each of the contracts, Kosmos plans to acquire 2D and 3D seismic data. The Company targets first drilling as early as 2014. The execution of the PSCs represents Kosmos’ initial entry into Mauritania and significantly expands the Company’s exploration footprint.

Brian F. Maxted, Chief Executive Officer, commented, “With our exploration program focused on unlocking new petroleum systems by drilling multiple basin-opening wells on an annual basis, the offshore Mauritania opportunity fits very well strategically with Kosmos’ existing portfolio. We have now captured approximately 24 million gross acres of high-impact exploration potential, with additional new venture initiatives ongoing to selectively further our opportunity set. The new blocks captured reside in the proven offshore Mauritania salt basin and include the outboard fairway of the under-explored Upper Cretaceous stratigraphic play concept, Kosmos’ core exploration theme. We look forward to initiating a seismic program over the blocks towards the end of this year or early next year.”

For the most up to date and in-depth information on the offshore oil & gas market visit PennEnergy's comprehensive Research area to access industry focused Reports.


Sign up for PennEnergy's eNewsletters
For Email Newsletters you can trust


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs