Kosmos Energy Welcomes Approval of Inter-Governmental Cooperation Agreement between Mauritania and Senegal
12 February 2018 - 6:00PM
Business Wire
Kosmos Energy (NYSE/LSE: KOS) confirmed today that the
governments of Mauritania and Senegal have signed an
Inter-Governmental Cooperation Agreement (ICA) which enables the
development of the cross-border Tortue natural gas field to
continue moving forward. With this agreement in place, Kosmos
expects a final investment decision (FID) for the Greater Tortue
project around the end of 2018 and is aiming for first gas in 2021.
Minister of Energy, Petroleum and Mines Mohamed Abdel Vetah of the
Islamic Republic of Mauritania and Minister of Petroleum and Energy
Mansour Elimane Kane of the Republic of Senegal signed the
agreement in a joint meeting during the Presidential Summit held in
Nouakchott, Mauritania on February 9, 2018.
Commenting on the approval, Kosmos chairman and chief executive
officer Andrew G. Inglis said: “Kosmos congratulates Mauritania,
Senegal, and their respective ministries and national oil companies
for working together so effectively to reach an agreement that
enables their shared gas resources to be developed quickly and
efficiently for the benefit of both countries. The innovative
near-shore LNG concept being used for Tortue positions the
development as one of the lowest cost green-field LNG projects in
the world. We look forward to working with BP and our national oil
company partners to continue the front-end engineering design
process that will enable a final investment decision around the end
of 2018.”
The ICA is informed by industry best practice for the
development of cross-border resources, based on the landmark Frigg
Agreement of 1976 between the United Kingdom and Norway. The
agreement between Mauritania and Senegal provides for development
of the Tortue field through cross-border unitization, with a
50%-50% initial split of resources and revenues, and a mechanism
for future equity redeterminations based on actual production and
other technical data.
Equity Interests
Mauritania Senegal
Tortue Unit Kosmos 28%
30% 29%
BP 62% 60%
61%
Petrosen N/A
10% 5%
SMHPM 10% N/A 5%
About Kosmos Energy
Kosmos is a leading independent oil and gas exploration and
production company focused on frontier and emerging areas along the
Atlantic Margin. Our assets include existing production and
development projects offshore Ghana and Equatorial Guinea, large
discoveries offshore Mauritania and Senegal, as well as exploration
licenses with significant hydrocarbon potential offshore Suriname,
Sao Tome and Principe, Equatorial Guinea, Morocco and Western
Sahara. As an ethical and transparent company, Kosmos is committed
to doing things the right way. The Company’s Business
Principles articulate our commitment to transparency, ethics,
human rights, safety and the environment. Read more about this
commitment in the Kosmos 2016 Corporate Responsibility Report.
Kosmos is listed on the New York Stock Exchange and the London
Stock Exchange under the ticker symbol KOS. For additional
information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that Kosmos expects, believes or anticipates will or may occur in
the future are forward-looking statements. Kosmos’ estimates
and forward-looking statements are mainly based on its current
expectations and estimates of future events and trends, which
affect or may affect its businesses and operations. Although Kosmos
believes that these estimates and forward-looking statements are
based upon reasonable assumptions, they are subject to several
risks and uncertainties and are made in light of information
currently available to Kosmos. When used in this press release, the
words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will”
or other similar words are intended to identify forward-looking
statements. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
Kosmos, which may cause actual results to differ materially from
those implied or expressed by the forward-looking statements.
Further information on such assumptions, risks and uncertainties is
available in Kosmos’ Securities and Exchange Commission (“SEC”)
filings. Kosmos undertakes no obligation and does not intend to
update or correct these forward-looking statements to reflect
events or circumstances occurring after the date of this press
release, except as required by applicable law. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
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Kosmos EnergyInvestor RelationsJamie Buckland,
+1-469-475-2687jbuckland@kosmosenergy.comorRhys Williams,
+1-214-445-9693rwilliams@kosmosenergy.comorMedia
RelationsThomas Golembeski,
+1-214-445-9674tgolembeski@kosmosenergy.com
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