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Shell to acquire Kosmos Energy’s $200m exploration assets

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U.S.-based oil and gas company Kosmos Energy said on Wednesday that it agreed to sell some of its exploration assets in Africa and South America to a unit of Royal Dutch Shell for up to $200 million.

Kosmos in a statement said Shell will acquire the company’s participating interest in blocks offshore São Tomé and Príncipe, Suriname, Namibia and South Africa.

The company said it 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.

Kosmos said it expects to realize about $125 million in total savings across capital expenditures over the next two years after the sale.

Source Reuters
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