Liberia on Thursday announced that it is on the verge of concluding agreement with Kosmos Energy Ltd for the lease of Block 6 and 7.

According to the National Oil Company of Liberia (NOCAL) the negotiation for the two blocks initially awarded to Hong Kong Tongtai Petroleum International Corp., might go to Kosmos.

The Product Sharing Contract (PSC) between NOCAL and Kosmos, is awaiting review and approval from Liberia’s legislature. The PSC reveals terms approved by the Hydrocarbon Technical Committee of Liberia.

Kosmos had participated in the bid round conducted by NOCAL in 2014. The company was selected based on proven financial, technical, health and safety, as well as environmental and security credentials.

“The company is publicly traded on the NYSE. It has a market capitalization of approximately $3 billion and a strong balance sheet with $1.9 billion in liquidity,” NOCAL told Petroleum Africa.