Kosmos Energy reiterates its commitment to reduce the sail in the Grand Tortue-Ahmeyim project
While unveiling its quarterly results on Monday, US junior company Kosmos Energy confirmed its intention to sell a majority of its shares in the Grand Tortue-Ahmeyim (GTA) project, between Senegal and Mauritania.
« The previously announced process to reduce Kosmos’ stake in the wider Mauritania/Senegal region to 10% is underway and aims to announce a transaction by the end of the year, » the Texas-based firm said in presenting its second quarter results. In May, in an operational update of its first quarter activities, the company’s CEO, Andrew Inglis, already recalled that the plan to sell some of Kosmos Energy’s shares in Mauritania and Senegal « had generated strong interest from industry players ». Kosmos, a partner of the British major BP on this oil and gas project, controls 28% of the Mauritanian blocks and 30% of those located in Senegal, not to mention a significant stake in the associated liquefaction gas (LNG) project.
In this logic of future sale, the American junior therefore had at heart to show that the bride was beautiful, by reporting in particular on the latest progress of the project. As a reminder, in July, the company announced the discovery of additional reserves of high quality gas in the Grand Tortue-Ahmeyim (GTA-1) development area, thereby enhancing the attractiveness of the latter, which would contain between 15 and 50 trillion cubic feet of natural gas, and should come on stream in 2022. According to the latest estimates, the GTA FGNL facility is expected to produce approximately 2.5 million tonnes of LNG per year.
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The announcement of Kosmos Energy’s forthcoming partial withdrawal from the Grand Tortue - Ahmeyin project comes in a tense Senegalese context, with civil society calling for an independent investigation into the conditions for allocating two offshore oil and gas blocks managed by BP, after the Aliou Sall/Petro-Tim case was disclosed in June.