L3Harris Nears $500M Deal to Sell Majority Stake in Space Propulsion Portfolio to AE Industrial 
Drugmakers Plan 2026 U.S. Price Increases on Over 350 Branded Medications Despite Political Pressure 
Samsung Electronics Hits Record High as AI Momentum Fuels Investor Optimism 
Google Accelerates AI Infrastructure With Ironwood TPU Expansion in 2026 
Trump Blocks HieFo’s Emcore Chip Assets Deal Over National Security Concerns 
Nike Stock Rises After CEO Elliott Hill Buys $1 Million in Shares 
Starlink Plans Satellite Orbit Reconfiguration in 2026 to Boost Space Safety 
Tesla Poised for Breakout Year in 2026 as New Products and EV Market Reset Drive Growth 
U.S. Airline Flight Cancellations Surge After Venezuela Military Operation and FAA Airspace Closures 
NextEra Energy Stock Rises After Reaffirming Earnings and Dividend Growth Outlook 
Short Interest Rises in Trump Media Stock After $6 Billion Merger Announcement 
Lockheed Martin Secures $328.5 Million U.S. Defense Contract for Advanced Systems Supporting Taiwan Air Force 
Bain Capital Moves to Acquire Majority Stake in Echo Marketing 
Neuralink Plans High-Volume Brain Implant Production and Fully Automated Surgery by 2026 
Lockheed Martin Secures Nearly $500 Million in U.S. and Allied Defense Contracts 
Air China Orders 60 Airbus A320neo Jets in $9.5 Billion Deal as Airbus Strengthens Grip on China Market 
Operator Hess is selling its stake to Kosmos Energy
- A tax settlement between the Ministry of Mines and Hydrocarbons and the partners of the Ceiba and Okume fields has been reached, the Ministry announces.
- Minister of Mines and Hydrocarbons: “Equatorial Guinea has a stellar record in honoring the sanctity of contracts.”
- Hess Corp. has an 85 percent interest in the Ceiba and Okume fields and Tullow Oil has a 15 percent stake. Operator Hess is selling its stake to Kosmos Energy.
MALABO, Equatorial Guinea, Oct. 23, 2017 -- The Ministry of Mines and Hydrocarbons of Equatorial Guinea (http://MMIE.gob.gq), Hess Corporation (NYSE:HES) (http://www.Hess.com) and its license partners have reached a $220-million settlement on tax issues related to the companies’ interests in two producing oilfields, Ceiba and Okume.
The deal between the government and the partners is the result of negotiations over recent months between the Ministry of Mines and Hydrocarbons and the management of Hess. The resolution of tax issues clears the way for Hess’ sale of its 85-percent interest in the assets to Kosmos Energy, and for increased involvement by Tullow Oil (a 15-percent interest holder in Ceiba and Okume) in Equatorial Guinea’s petroleum sector. This settlement demonstrates Equatorial Guinea’s commitment to profitable partnerships with international energy companies.
Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima said: “Equatorial Guinea has a stellar record in honoring the sanctity of contracts. It is in the best interest of the petroleum sector, our nation and its people that we reach fair agreements on financial matters quickly and in a positive way with international partners. Hess has been a key leader in the oil and gas industry and instrumental to the country’s growth over the long term. We are pleased the companies worked with us to revolve this situation amicably.”
Hess opened its Equatorial Guinea office in 2001 and Tullow entered the country in 2004 through its acquisition of Energy Africa. The Ceiba oilfield has been producing since 2000 and the Okume Complex has been in production since 2006. Hess is the operator of the two blocks and national oil company GEPetrol has a carried interest of 5 percent.
Distributed by APO Group on behalf of Ministry of Mines, Industry and Energy Equatorial Guinea.
Media contact:
James Chester
[email protected]
M: +27 (0)60 675 4850
