LNG News Editor:
Kosmos Energy, the US-based shareholder in the floating liquefied natural gas joint venture offshore the West African nations of Mauritania and Senegal, posted higher fourth-quarter net profits and reported the FLNG venture 70 percent completed amid asset acquisitions in Ghana.
Kosmos is part of a joint venture for the FLNG project being developed with UK major BP underpinned by the Greater Tortue-Ahmeyim gas fields in the waters of Mauritania and Senegal with first gas scheduled for 2023.
‘Steady progress’
“The Greater Tortue-Ahmeyim LNG project has made steady progress in 2021,” said Dallas, Texas-based Kosmos.
“All eight process modules have been lifted onto the deck (of the FPSO) and mechanical completion of the process sub-systems is underway,” the company explained.
“Construction was completed of the 21st (and final) caisson of the breakwater and the subsea pipe-laying vessel completed its nautical trials in preparation for the offshore installation campaign in the second quarter of 2022,” added Kosmos.
Kosmos said that the FLNG hull had all four mixed-refrigerant compressors lifted onboard and pipe-rack installation operations had commenced.
In its earnings, Kosmos reported net income in the fourth quarter of $98.7 million compared with $7.9M in the same three months of 2020.
Annual losses narrowed to $77.8M versus $411.5M of losses reported in 2020.
The company noted that it had rebuilt operational momentum and improved the balance sheet with a “strong” fourth quarter.
“Kosmos has a differentiated portfolio that is fit for the future with high-quality, low-cost oil assets funding our growth in natural gas and LNG,” said the Kosmos Chairman and Chief Executive Andrew G. Inglis. “Our record 2P reserves are balanced between oil and gas with a reserve life of over 20 years,” added Inglis.
“With our existing assets and sanctioned projects, production is expected to grow around 50 percent in the next two years and we plan to do that while further de-leveraging the balance sheet,” stated the CEO.
“Our goal is to develop our portfolio in a responsible way, helping our host nations in Africa to expand access to affordable and reliable energy,” he declared.
Ghana assets
Kosmos, a specialist in Atlantic Margin exploration and production, acquired an additional interests in the Jubilee field and in the Tweneboa, Enyenra and Ntomme (TEN) oil and gas fields offshore of Ghana in October 2021 from Occidental Petroleum of the US for around $550M.
