Kosmos Energy Increases Working Interest and Assumes Operatorship of Yakaar-Teranga
06 Novembro 2023 - 4:00AM
Business Wire
Advances Significant Future Gas / LNG
Development Opportunity
Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE/LSE: KOS)
announced today that it has increased its working interest to 90%
and assumed operatorship, subject to customary government
approvals, of the world-scale Yakaar-Teranga gas discoveries
offshore Senegal. The increase in working interest follows BP’s
exit from the field.
Yakaar-Teranga is one of the world’s largest gas discoveries in
recent years and holds around 25 trillion cubic feet (Tcf) of
advantaged gas in place, with negligible carbon dioxide content and
minimal impurities, reducing the need for processing ahead of
transportation/liquefaction.
Kosmos has been working closely with PETROSEN and the Government
of Senegal on an innovative development concept that prioritizes
cost-competitive gas to the rapidly growing domestic market,
combined with an offshore liquefied natural gas (LNG) facility
targeting exports into international markets.
The currently envisioned development concept is an offshore
development producing approximately 550 million standard cubic feet
of gas per day with domestic gas transported via pipeline to shore
and export volumes liquified on a floating LNG vessel. The concept
is now being optimized to best meet the domestic and international
requirements, after which the project will move into front-end
design and engineering (FEED).
As concept optimization progresses, our aim is for PETROSEN to
participate as an equal partner in the full value chain with a
greater working interest. Kosmos and PETROSEN plan to evaluate
potential partnership strategies with the objective of creating an
aligned partnership possessing the necessary upstream and midstream
expertise, coupled with access to cost effective financing and
exposure to end markets.
Kosmos Energy’s Chairman and Chief Executive Officer Andrew G.
Inglis said: “Increasing our working interest and assuming
operatorship of Yakaar-Teranga is a major value creation
opportunity for Kosmos. Yakaar-Teranga is one of the crown jewels
of Senegal’s growing energy sector and this aligned partnership
allows Kosmos and PETROSEN to accelerate the development of a
cost-competitive gas project supporting Senegal’s goal of providing
universal and reliable access to low-cost energy. The project is
also expected to lower emissions by displacing heavy fuel oil in
the country’s energy mix. In addition, the project is expected to
deliver LNG export volumes to global markets, further establishing
Senegal as an important and reliable supplier of energy to the
world. I would like to thank PETROSEN for their support to progress
this opportunity. Kosmos looks forward to delivering a project that
is aligned with the country’s strategic development plan, ‘Plan
Sénégal Emergent,’ to drive social progress and inclusive economic
growth in Senegal for many years to come.”
PETROSEN’s Director General, Upstream, Thierno Seydou Ly said:
“We are pleased to work with Kosmos who has brought a new approach
to the development of Yakaar-Teranga, as well as fresh thinking on
how PETROSEN can participate as an equal partner. Yakaar-Teranga is
a strategic project and a key asset for the government’s
‘Gas-To-Power’ and ‘Gas-To-Industry’ initiatives, which aim to
provide affordable, abundant, and cleaner energy as part of the
country’s ‘Plan Sénégal Emergent.’ With a simplified and aligned
partnership, we look forward to advancing the project, increasing
PETROSEN’s expertise through knowledge and skills transfer, and
providing economic, social, and environmental benefits to the
people of Senegal.”
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 the U.S. Gulf of Mexico, as well as a
world-class gas development offshore Mauritania and Senegal. We
also maintain a sustainable proven basin exploration program in
Equatorial Guinea, Ghana and the U.S. Gulf of Mexico. 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 Sustainability
Report. For additional information, visit www.kosmosenergy.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231105502534/en/
Investor Relations Jamie Buckland +44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations Thomas Golembeski +1-214-445-9674
tgolembeski@kosmosenergy.com
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