The transaction is subject to Mauritania’s government approval.
Located acres in water depths ranging between 5,249ft and 9,842ft, the blocks C8, C12 and C13 cover a contiguous area of approximately 6.6 million gross.
Under the terms of the agreement, Kosmos Energy will sell the 30% stake in the blocks and remain as operator while a 60% interest will be retained.
The blocks will be sold in exchange for paying a disproportionate share of the costs of one exploration well and a second contingent exploration well, subject to maximum expenditure caps, Kosmos Energy said in a statement.
The remaining 10% stake will be owned by Société Mauritanienne des Hydrocarbures et de Patrimoine Minier (SMHPM), Mauritania’s national oil company.
However, Chevron will become the operator, maintaining a 30% working interest, following any potential discovery after the exploration phase.
Kosmos Energy chairman and chief executive officer Andrew Inglis said: "This agreement with Chevron validates the quality and scale of our Mauritania licenses, which enabled us to successfully farm out the acreage despite the current environment.
"The terms are consistent with our business strategy of retaining operatorship through exploration and collaborating with industry leading partners who bring significant technical expertise and strong financial capabilities."
Image: The deepwater blocks off the coast of Mauritania. Photo: courtesy of Chevron Corporation.