U.S.-based oil and gas company Kosmos Energy has completed the sale of its stakes in the Ceiba Field and Okume Complex assets in Block G, offshore Equatorial Guinea, to Panoro Energy in a deal valued at approximately US$127 million.
The company disclosed that the agreement also includes potential contingent payments of up to US$40 million, depending on future oil prices and production performance.
Chairman and Chief Executive Officer of Kosmos Energy, Andrew G. Inglis, described the transaction as strategically important, noting that it enables the company to streamline its portfolio by divesting higher-cost producing assets while retaining exposure to future upside potential.
He explained that the divestment will strengthen Kosmos Energy’s financial position and allow the company to concentrate resources and expertise on its key growth assets.
Kosmos said proceeds from the transaction will be directed towards reducing outstanding borrowings under its reserves-based lending credit facility.
The company further indicated that it will issue revised full-year 2026 operational guidance alongside its second-quarter financial results scheduled for release in August.
Production from the divested assets averaged approximately 5,800 barrels of oil per day net to Kosmos during the year-to-date period.
Additionally, the transaction is expected to remove an asset retirement obligation estimated at about US$140 million from the company’s balance sheet, further improving its financial outlook.