Chevron joins Kosmos Energy in offshore Suriname exploration
SAN RAMON, California -- Chevron has agreed to take a stake in some Kosmos Energy exploration off the coast of Suriname as the oil-and-gas giant aims to expand its efforts in South America.
Kosmos will have a 50% working interest and will remain operator of Blocks 42 and 45, located around 155 miles from Suriname's capital Paramaribo, until the end of the exploration phase. Chevron's Chevron Global Energy Inc. unit will assume the other 50% interest and be development operator of any commercial discoveries.
"This agreement enables us to explore for new resources in this frontier basin," said George Kirkland, vice chairman of Chevron. "These blocks are on trend with new deepwater Cretaceous discoveries in the region."
The offshore blocks cover an area of around 2.8 million gross acres, at water depths between 650 to 8,500 ft. First drilling is planned for 2014.