Oil company Kosmos transfers interests in Sao Tome to Portugal’s Galp

15 December 2016

Oil company Kosmos Energy decided to transfer to Portuguese company Galp Energia 20% of its rights in three blocks in the Exclusive Economic Zone (EEZ) of Sao Tome and Principe – according to a statement released on Wednesday by the director of the National Oil Agency (ANP), Orlando Pontes.

“Kosmos Energy transfers to Galp, 20% of its rights and obligations under the Production Sharing Contracts in blocks five, 11 and 12 of the Exclusive Economic Zone of Sao Tome and Principe,” the statement said.

The ANP representing the Government of the Republic of Sao Tome and Principe approved the agreements signed between Kosmos and Galp.

The document said that in block five Kosmos Energy (operator) now has a 45% stake, Equator Exploration and Galp have 20% each and the Sao Tome state has 15%.

In block 11 Kosmos Energy (US operator) now has 65%, Galp has 20% and Sao Tome and Principe has 15%.

In block 12, Kosmos Energy now has a stake of 45%, Equator Exploration 25.5%, Galp has 20% and Sao Tome has 12.5%.

The statement also points out that Galp Energia with 45%, Kosmos Energy with 45% and the Sao Tome state with 10% already share interests in block 6 of the EEZ.

In addition to the exclusive area, Sao Tome and Principe also has another joint area with Nigeria on the basis of a political agreement signed in 2001 establishing 60% for the Nigerian state and the remaining 40% for the Sao Tome archipelago. (macauhub)

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