Kosmos Energy sells Equatorial Guinea oil assets to Panoro for $127m

Kosmos Energy has completed the sale of its oil production assets offshore Equatorial Guinea to Panoro Energy for about $127 million, as the company streamlines its portfolio and reduces debt.

The deal, which closed in mid-June, covers Kosmos's interests in the Ceiba Field and the Okume Complex. The final cash consideration was around $127 million after post-closing adjustments, with the potential for additional contingent payments of up to roughly $40 million tied to future oil prices and production performance.

The assets had produced an average of about 5,800 barrels of oil per day net to Kosmos during the first half of 2026 up to completion. The sale also removes an asset retirement obligation of approximately $140 million from the company's balance sheet.

Kosmos said it would use the proceeds to repay borrowings under its reserves-based lending facility and to focus capital on what it described as its core, higher-value assets, reducing exposure to mature production with higher operating costs.

For Panoro Energy, the acquisition expands its footprint in Equatorial Guinea, a long-established oil producer in Central Africa. The transaction reflects continued reshuffling of ownership among international operators active in the region's offshore fields.