Offshore | Capital Markets | Deals - Farm-Out | Private Equity Activity
Kosmos Farms Out with Hess in Suriname
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Kosmos Energy has announced that it has entered into a farm-out agreement with Hess Suriname Exploration Limited, a wholly-owned subsidiary of the Hess Corporation, covering the Block 42 contract area offshore Suriname.
Under the terms of the agreement, Hess will acquire a one-third non-operated interest in the Block 42 contract area from both Chevron Corporation and Kosmos.
As part of the agreement, Hess will fully fund the cost of a 6,500 square kilometer 3D seismic survey, subject to an agreed maximum limit, inclusive of Hess’ share, expected to commence in the third quarter of 2016.
Additionally, Hess will disproportionately fund a portion of the first exploration well in the Block 42 area, subject to an agreed maximum limit, inclusive of Hess’ share, contingent upon the…
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