Chevron buys stake off Mauritania

Chevron’s subsidiary Chevron Mauritania Exploration Limited has reached an agreement to acquire a 30 percent non-operated working interest in Blocks C8, C12 and C13 offshore Mauritania from Kosmos Energy.

According to Chevron, the transaction is subject to the approval of Mauritania’s government.

Blocks C8, C12 and C13 cover a contiguous area of approximately 6.6 million gross acres in water depths ranging between 5,249 feet (1,600 meters) and 9,842 feet (3,000 meters).

Under the agreement, Kosmos Energy retains a 60 percent interest and remains the operator. Société Mauritanienne des Hydrocarbures et de Patrimoine Minier (SMHPM), Mauritania’s national oil company, will continue to have a 10 percent interest.

Following any commercial discovery after the exploration phase, Chevron will become the operator maintaining a 30 percent working interest.

Andrew G. Inglis, Kosmos Energy chairman and chief executive officer, said: “This agreement with Chevron validates the quality and scale of our Mauritania licenses, which enabled us to successfully farm out the acreage despite the current environment. The terms are consistent with our business strategy of retaining operatorship through exploration and collaborating with industry leading partners who bring significant technical expertise and strong financial capabilities.”

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