Galp, Kosmos Awarded Sao Tome Block

Portuguese independent oil and gas firm Galp Energia announced Tuesday that it and its partner Kosmos Energy have been awarded stakes in Block 6, offshore the island country of São Tomé and Príncipe.

The West African country has awarded Galp and Kosmos each a 45-percent interest in the block, while São Tomé and Príncipe's National Petroleum Agency will retain a 10-percent holding. Galp will be the block's operator.

Block 6 is located in the country's Exclusive Economic Zone in water depths of up to 8,200 feet, covering an area of 1,870 square miles.

Galp Energia and its partners have committed to perform several exploration activities, including seismic acquisition, during the first exploration period of four years. Galp said the acquisition allows it to access a frontier area as operator in a new geography, while maintaining a solid financial position.