Kosmos Energy Announces Final Investment Decision for Phase 1 of the Greater Tortue Ahmeyim LNG Project
21 December 2018 - 11:18PM
Business Wire
Kosmos Energy (NYSE:KOS)(LSE:KOS) and its partners announced
today that a Final Investment Decision (FID) for Phase 1 of the
Greater Tortue Ahmeyim project has been agreed. The decision was
made by Kosmos, BP, Petrosen and SMHPM following a meeting to agree
final elements held in Nouakchott between President Mohamed Ould
Abdel Aziz of Mauritania and President Macky Sall of Senegal.
The Greater Tortue Ahmeyim project will produce gas from a
deepwater subsea system and mid-water FPSO to a floating liquefied
natural gas (FLNG) facility at a nearshore hub located on the
Mauritania and Senegal maritime border. The FLNG facility for Phase
1 is designed to provide approximately 2.5 million tons per annum
on average, with the total recoverable gas in the field estimated
to be around 15 trillion cubic feet. The project will provide LNG
for global export, as well as make gas available for domestic use
in both Mauritania and Senegal. First gas for the project is
expected in the first half of 2022. Following a competitive tender
process involving all partners, BP Gas Marketing has been selected
as the buyer for the LNG offtake for Greater Tortue Ahmeyim Phase
1.
Andrew G. Inglis, chairman and chief executive officer, said:
“We are delighted to announce a final investment decision for this
world-class LNG project. FID for this innovative, cross-border
project has been agreed on schedule and the speed with which we
achieved project sanction is testament to both the strength of the
partnership among Kosmos, BP, SMHPM, Petrosen, and the governments
and ministries of Mauritania and Senegal, as well as the cost
competitive nature of the project. I personally congratulate
President Mohamed Ould Abdel Aziz and President Macky Sall, as well
as their respective Ministers, ministries, and national oil
companies for collaborating on an agreement that enables their
shared gas resources to be developed quickly and efficiently for
the benefit of both countries.
“For Kosmos, Greater Tortue Ahmeyim is another example of a
world-class discovery being moved to project sanction on an
accelerated timeline, ensuring early delivery of cashflow to the
project partners and the governments of Mauritania and Senegal.
With BP as operator, we have a partner with the experience and
expertise to move the project through the development phase to
production in the first half of 2022.
“While today we celebrate the excellent progress on Phase 1 of
the Greater Tortue Ahmeyim project, we are already looking forward
to, and working on, subsequent phases of development to expand
liquefaction capacity to approximately 10 million tons per annum.
We also believe there is potential for two additional world-class
gas hubs in the region – one near the Bir Allah discovery offshore
Mauritania and the other near the Yakaar / Teranga discoveries
offshore Senegal. Kosmos looks forward to collaborating with its
partners, and the governments and ministries of Mauritania and
Senegal, to advance this important work.”
The parties will continue to obtain final regulatory and
contract approvals, following which Phase 1 of the Greater Tortue
Ahmeyim project will move into a detailed design and construction
phase, with awarding of engineering, procurement, construction and
installation (EPCI) contracts. Project execution activities are
expected to begin in the first quarter of 2019.
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 well-capitalized, pure play deepwater oil and gas
company with growing production, a pipeline of development
opportunities and a balanced exploration portfolio along the
Atlantic Margins. Our assets include production offshore Ghana,
Equatorial Guinea and Gulf of Mexico, a competitively positioned
Tortue gas project in Mauritania and Senegal and a sustainable
exploration program balanced between proven basins (Gulf of Mexico
and Equatorial Guinea), emerging basins (Mauritania, Senegal and
Suriname) and frontier basins (Cote d'Ivoire and Sao Tome and
Principe). 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 2017 Corporate Responsibility Report.
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.
This announcement contains inside information. The persons
responsible for arranging the release of this announcement is Jamie
Buckland, Vice President, Investor Relations and Rhys Williams,
Senior Manager, Investor Relations.
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version on businesswire.com: https://www.businesswire.com/news/home/20181221005209/en/
Investor RelationsJamie Buckland+44 (0) 203 954
2831jbuckland@kosmosenergy.comRhys
Williams+1-214-445-9693rwilliams@kosmosenergy.comMedia
RelationsThomas
Golembeski+1-214-445-9674tgolembeski@kosmosenergy.com
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