Samsung Electronics Hits Record High as AI Momentum Fuels Investor Optimism 
Reddit Emerges as a Major Winner in the Shift to AI-Powered Search 
Lockheed Martin Secures $328.5 Million U.S. Defense Contract for Advanced Systems Supporting Taiwan Air Force 
Neuralink Plans High-Volume Brain Implant Production and Fully Automated Surgery by 2026 
Target Stock Rallies as Activist Interest Sparks Hopes for Strategic Change 
Elon Musk’s xAI Expands Supercomputer Infrastructure With Third Data Center to Boost AI Training Power 
Baidu Shares Surge as Company Plans Kunlunxin AI Chip Spin-Off and Hong Kong Listing 
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 
Anghami Stock Soars After Strong H1 2025 Results, Revenue Nearly Doubles on OSN+ Integration 
Trump Blocks HieFo’s Emcore Chip Assets Deal Over National Security Concerns 
SoftBank Completes $41 Billion OpenAI Investment in Historic AI Funding Round 
Starlink Plans Satellite Orbit Reconfiguration in 2026 to Boost Space Safety 
Grok AI Faces Global Scrutiny Over Safeguard Failures and Illegal Content on X 
Google Accelerates AI Infrastructure With Ironwood TPU Expansion in 2026 
L3Harris Nears $500M Deal to Sell Majority Stake in Space Propulsion Portfolio to AE Industrial 
Air China Orders 60 Airbus A320neo Jets in $9.5 Billion Deal as Airbus Strengthens Grip on China Market 
- US oil company Hess Corporation will give up its 85-percent stake in the producing Ceiba and Okume oilfields offshore Rio Muni, Equatorial Guinea.
- Kosmos Energy will acquire the assets from Hess; existing investors Tullow Oil and GEPetrol will enter partnership with the new operator.
- With the purchase of Ceiba and Okume and its entry as an explorer into Block EG-21, Block S and Block W, Kosmos is now a large acreage holder in the Rio Muni basin.
MALABO, Equatorial Guinea, Oct. 23, 2017 -- The assets of Hess Corporation (NYSE:HES) (www.Hess.com) in Equatorial Guinea will be acquired by Kosmos Energy (NYSE:KOS) (www.KosmosEnergy.com), the Ministry of Mines and Hydrocarbons has announced. The landmark sale transfers majority ownership and operatorship of two legacy oil producing areas in the Rio Muni basin, Ceiba and Okume, to Kosmos.
Hess’ exit from Equatorial Guinea comes after nearly two decades of operations at the Ceiba field and Okume complex, which began producing in 2000 and 2006, respectively. The company operates the two producing areas and has an 85 percent stake. Partners Tullow Oil (15 percent) and national oil company GEPetrol (5 percent carried interest) will work with new operator Kosmos Energy once the asset sale is finalized by the end of 2017.
“We thank Hess for its years of service, for its input of technology, knowledge and financing, and above all for its careful stewardship of these important national resources,” said Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima. “Now, Kosmos Energy brings a new sense of action and commitment to the Ceiba and Okume fields. We are delighted to welcome our new partners as investors and producers, as well as explorers in blocks S, W and EG-21 in the same region. This deal is nothing less than historic, and shifts focus towards the hugely promising Rio Muni basin.”
In addition to Kosmos’ asset acquisition of Ceiba and Okume, Kosmos also signed three production sharing contracts today with the Ministry of Mines and Hydrocarbons and GEPetrol. The purchase of Hess’ assets and new licenses make Kosmos the biggest petroleum explorer by acreage and the sole producer in Equatorial Guinea’s Rio Muni southern maritime area.
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
