As part of the deal, BP will acquire a non-operating interest in each of the Essaouira, Foum Assaka and Tarhazoute offshore blocks.
BP will acquire the assets by paying Kosmos‘ share of the cost of one exploration well in each of the three blocks, subject to a maximum cost per well.
Kosmos also recently signed a petroleum deal with the Office National des Hydrocarbures et des Mines (ONHYM), which covers the Tarhazoute Offshore block.
The Tarhazoute block is situated next to the Essaouira and Foum Assaka blocks, and is expected to allow integrated exploration in the Agadir basin.
Kosmos Energy’s CEO, Brian Maxted, said the Agadir basin farm-out along with the petroleum agreement for Tarhazoute are the significant and important forward steps for Kosmos in Morocco, as the company intends to start drilling in the first half of 2014.
"We are delighted that BP will be joining this venture as they add significant value to our operations, particularly given their proven success in salt basin exploration and production," Maxted said.
Kosmos holds development projects in offshore Ghana, as well as exploration licenses in offshore Ireland, Mauritania, Morocco and Suriname.In April 2012, Kosmos Energy has signed three production sharing contracts (PSCs) with the government of Mauritania for blocks C8, C12 and C13.
The offshore blocks Mauritania range in water depths between 1,600m and 3,000m and cover a combined area of 27,200km².
Image: Offshore blocks at Agadir basin in Morocco. Photo courtesy of freedigitalphotos.net.