Kosmos Strikes Oil Off Equatorial Guinea

American upstream oil company founded and based in Dallas Kosmos Energy (KOS) made an offshore oil discovery in Equatorial Guinea, Reuters reported quoting the Ministry of Mines and Hydrocarbons.

The S-5 well was drilled at a total depth of 4,400 meters and encountered 39 meters of net oil play in the Santonian reservoir, in the offshore Rio Muni Basin, it said.

 “The discovery is a strong validation of our strategy to replace oil reserves by exploring the highly prospective oil basins like Rio Muni,” the nation’s Minister of Mines, Industry and Energy Gabriel Obiang said in the statement.

According to the report, Lima’s ministry said the well was drilled at a depth of 4,400 meters and was located in the Santonian reservoir offshore in the Rio Muni basin.

Further evaluation work is ongoing to determine the extent of the discovery and determine a schedule of the development phase, the ministry said.

Kosmos Energy has operated in Equatorial Guinea since 2018. Further evaluation work is ongoing to establish the full extent of the discovered resource and determine a schedule of the development phase. Partners in the S-5 well include GEPetrol (20%), Trident Energy (40%) and Kosmos (40%).