Kosmos Energy has finalized the sale of its non-operating interests in offshore production assets in Equatorial Guinea to Panoro Energy. The deal, which was announced earlier this year, involved the sale of a subsidiary that holds a 40.375% interest in Block G, which includes the Ceiba field and the Okume Complex production assets. The total upfront cash payment for the transaction is $180 million, with Kosmos receiving a final cash payment of $127 million after adjustments.
The divestment will impact Kosmos Energy’s 2026 production by approximately 5,800 barrels of oil per day, but allows them to streamline their portfolio and focus on higher-return assets. The proceeds from the sale will be used to reduce borrowings under their reserves-based lending credit facility and will remove a $140 million asset retirement obligation from the balance sheet. The deal also benefits Panoro Energy, increasing its stake in Block G to 54.625%.
The transaction’s additional contingent payments include $12.5 million if production targets for the Ceiba field are met, plus $9 million in each of the years 2027, 2028, and 2029, depending on oil prices and production levels. Kosmos Energy aims to enhance its financial flexibility and focus on key offshore assets across Ghana, Mauritania, Senegal, and the Gulf of America, where they foresee long-term growth potential.
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