Kosmos Energy lauds Energy Minister over acquisition of new shares

October 25, 2021 By 0 Comments

The Chairman and Chief Executive Officer of Kosmos Energy, Mr. Andrew G. Inglis, has praised the Energy Minister, Dr. Matthew Opoku Prempeh (Napo), for his commitment to ensuring that Ghana and her people have a greater stake in the development of the country’s resources. This follows the conclusion of negotiations for the acquisition by GNPC and Kosmos of the Occidental/Anadarko Ghana assets.

In a letter dated October 13, 2021, the Kosmos CEO stated “Without your involvement and strategic direction, I am convinced that we would not have been able to reach such a good result for Ghana, for GNPC and for the partnership.”

Mr. Inglis noted that it had been a long and complex process over the past two years to get to this stage, adding ‘it is a mark of your tenure as Energy Minister so far that it was only on your arrival that negotiations were able to accelerate and reach a successful conclusion.

He also is also impressed by the Minister’s commitment to ensuring that Ghana and the GNPC could find a way to increase the benefit the country should receive from the assets and the partnership.

“I am in full agreement with your clear philosophy that Ghana and its people should have a greater stake in the development of its resources, particularly at a time when investment in the oil and gas industry is proving harder to find,” the Kosmos CEO stated.

Mr. Inglis expressed delight that Kosmos now has a simplified partnership for the Jubilee and TEN fields, which should ensure greater investment from the partnership and increased revenue for the country and that “Kosmos is committed to making the partnership even more effective, and to working ever closer with you and your team”

He further looked forward to discussing further steps for the partnership in respect of effective development of the Jubilee and TEN fields for many years to come.

On October 13, 2021, Kosmos Energy announced through its Dallas head office in Texas, USA that it had acquired an additional 18.0% interest in the Jubilee field and an additional 11.0% interest in the TEN fields in Ghana from Occidental Petroleum (“OXY”) for a purchase price of $550 million with an effective date of April 1, 2021. Consideration due to OXY at completion was approximately $460 million after taking into account closing adjustments.