Chevron to buy 30% stake in 6.6 million acres off Mauritania

[LONDON] Chevron Corp agreed to buy a 30 per cent stake in 6.6 million acres of offshore oil blocks in Mauritania from Kosmos Energy Ltd.

Kosmos will retain a 60 per cent stake and operate the fields until any commercial discovery is made, after which Chevron will become operator, Chevron said in a statement Wednesday. Terms won't disclosed.

Mauritania's national oil company holds a 10 per cent stake and government approval is needed for the sale.

BLOOMBERG