Kosmos Energy lines up its tender sale of stakes in Senegal and Mauritania offshore assets for LNG

Tuesday, 14 May 2019
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The Greater Tortue-Ahmeyim Project, the floating liquefied natural gas development offshore the maritime boundaries of Mauritania and Senegal, is making advances as shareholder Kosmos Energy prepares to sell some of its stake. 

“In the wider Mauritania-Senegal basin, Kosmos has commenced a formal process to sell down its interest to around 10 percent,” said the Dallas, Texas-based company in its first-quarter earnings.

Kosmos agreed to sell BP around 60 percent of the Senegal and Mauritania licences in 2016 with the UK major taking over operatorship.

The US company retained around 30 percent of the Senegal fields and licence and about 28 percent of the project’s Mauritania holdings.

Kosmos added that as of early May, all major contracts have been awarded for phase one of the project and construction activity has commenced with work on the floating production storage and offloading (FPSO) unit.

“These next phases are expected to expand capacity of this hub to almost 10 million tonnes per annum of LNG for export,” said Kosmos.

The first gas from the Kosmos-BP FLNG Train 1 is scheduled for 2021 and the start of the second FLNG Train is set for 2023.

Kosmos posted a first-quarter net loss of $53 million and revenues were $297M on sales of 5.1 million barrels of oil equivalent.

“Kosmos has made a strong start to 2019 with progress across all business units and first-quarter results in line with guidance,” said Andrew G. Inglis, Chairman and Chief Executive officer.

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