Greater Tortue Ahmeyim Sale and Purchase Agreement Signed with BP Gas Marketing
February 12 2020 - 01:59AM
Business Wire
Kosmos Energy (NYSE: KOS) (LSE: KOS) announced today that the
company and its partners have signed a Sale and Purchase Agreement
(SPA) with BP Gas Marketing Limited, a wholly owned subsidiary of
BP plc. The SPA is for 2.45 million tonnes per annum (MTPA) of
liquified natural gas (LNG) from Phase 1 of the Greater Tortue
Ahmeyim project for an initial term of up to 20 years.
Following the signing of the SPA, Kosmos intends to book net
proved reserves of approximately 100 million barrels of oil
equivalent associated with Phase 1, as evaluated by the company’s
independent reserve auditor Ryder Scott Company, LP. The company
expects to book additional reserves when further phases of the
Tortue project are sanctioned and sale and purchase agreements
signed for the offtake volumes.
“The signing of the SPA is an important milestone in the Greater
Tortue Ahmeyim project for the Governments of Mauritania and
Senegal, SMHPM, Petrosen, BP and Kosmos,” said Todd Niebruegge,
Senior Vice President and Head of the Mauritania-Senegal business
unit at Kosmos Energy. “With the signing of this agreement, we have
materially increased the proved reserve base of the company and the
project remains on track to deliver first gas in the first half of
2022.”
“The SPA is another positive step forward for the Greater Tortue
Ahmeyim project," said Norman Christie, BP’s Regional President for
Mauritania and Senegal. “We’re grateful to the Governments of
Mauritania and Senegal for their continued commitment to this
innovative project, as well as our partners SMHPM, Petrosen and
Kosmos.”
Partners in the cross-border Greater Tortue Ahmeyim project,
located offshore Mauritania and Senegal, include SMHPM, Petrosen,
BP, and Kosmos.
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas
exploration and production company focused along the Atlantic
Margins. Our key assets include production offshore Ghana,
Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class
gas development offshore Mauritania and Senegal. We also maintain a
sustainable exploration program balanced between proven basin
infrastructure-led exploration (Equatorial Guinea and U.S. Gulf of
Mexico), emerging basins (Mauritania, Senegal and Suriname) and
frontier basins (Cote d'Ivoire, Namibia, Sao Tome and Principe, and
South Africa). Kosmos is listed on the New York Stock Exchange and
London Stock Exchange and is traded under the ticker symbol KOS. 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 2018
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200211006111/en/
Kosmos Energy Ltd. Investor Relations Jamie Buckland +44
(0) 203 954 2831 jbuckland@kosmosenergy.com
Rhys Williams +1-214-445-9693 rwilliams@kosmosenergy.com
Media Relations Thomas Golembeski +1-214-445-9674
tgolembeski@kosmosenergy.com
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