Weight-Loss Drug Ads Take Over the Super Bowl as Pharma Embraces Direct-to-Consumer Marketing 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
- US oil company Hess Corporation will give up its 85-percent stake in the producing Ceiba and Okume oilfields offshore Rio Muni, Equatorial Guinea.
- Kosmos Energy will acquire the assets from Hess; existing investors Tullow Oil and GEPetrol will enter partnership with the new operator.
- With the purchase of Ceiba and Okume and its entry as an explorer into Block EG-21, Block S and Block W, Kosmos is now a large acreage holder in the Rio Muni basin.
MALABO, Equatorial Guinea, Oct. 23, 2017 -- The assets of Hess Corporation (NYSE:HES) (www.Hess.com) in Equatorial Guinea will be acquired by Kosmos Energy (NYSE:KOS) (www.KosmosEnergy.com), the Ministry of Mines and Hydrocarbons has announced. The landmark sale transfers majority ownership and operatorship of two legacy oil producing areas in the Rio Muni basin, Ceiba and Okume, to Kosmos.
Hess’ exit from Equatorial Guinea comes after nearly two decades of operations at the Ceiba field and Okume complex, which began producing in 2000 and 2006, respectively. The company operates the two producing areas and has an 85 percent stake. Partners Tullow Oil (15 percent) and national oil company GEPetrol (5 percent carried interest) will work with new operator Kosmos Energy once the asset sale is finalized by the end of 2017.
“We thank Hess for its years of service, for its input of technology, knowledge and financing, and above all for its careful stewardship of these important national resources,” said Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima. “Now, Kosmos Energy brings a new sense of action and commitment to the Ceiba and Okume fields. We are delighted to welcome our new partners as investors and producers, as well as explorers in blocks S, W and EG-21 in the same region. This deal is nothing less than historic, and shifts focus towards the hugely promising Rio Muni basin.”
In addition to Kosmos’ asset acquisition of Ceiba and Okume, Kosmos also signed three production sharing contracts today with the Ministry of Mines and Hydrocarbons and GEPetrol. The purchase of Hess’ assets and new licenses make Kosmos the biggest petroleum explorer by acreage and the sole producer in Equatorial Guinea’s Rio Muni southern maritime area.
Distributed by APO Group on behalf of Ministry of Mines, Industry and Energy Equatorial Guinea.
Media contact:
James Chester
[email protected]
M: +27 (0)60 675 4850
