Kosmos Energy Welcomes Approval of Inter-Governmental Cooperation Agreement between Mauritania and Senegal
Kosmos
Energy (NYSE/LSE: KOS) confirmed today that the governments of
Mauritania and Senegal have signed an Inter-Governmental Cooperation
Agreement (ICA) which enables the development of the cross-border Tortue
natural gas field to continue moving forward. With this agreement in
place, Kosmos expects a final investment decision (FID) for the Greater
Tortue project around the end of 2018 and is aiming for first gas in
2021. Minister of Energy, Petroleum and Mines Mohamed Abdel Vetah of the
Islamic Republic of Mauritania and Minister of Petroleum and Energy
Mansour Elimane Kane of the Republic of Senegal signed the agreement in
a joint meeting during the Presidential Summit held in Nouakchott,
Mauritania on February 9, 2018.
Commenting on the approval, Kosmos chairman and chief executive officer
Andrew G. Inglis said: “Kosmos congratulates Mauritania, Senegal, and
their respective ministries and national oil companies for working
together so effectively to reach an agreement that enables their shared
gas resources to be developed quickly and efficiently for the benefit of
both countries. The innovative near-shore LNG concept being used for
Tortue positions the development as one of the lowest cost green-field
LNG projects in the world. We look forward to working with BP and our
national oil company partners to continue the front-end engineering
design process that will enable a final investment decision around the
end of 2018.”
The ICA is informed by industry best practice for the development of
cross-border resources, based on the landmark Frigg Agreement of 1976
between the United Kingdom and Norway. The agreement between Mauritania
and Senegal provides for development of the Tortue field through
cross-border unitization, with a 50%-50% initial split of resources and
revenues, and a mechanism for future equity redeterminations based on
actual production and other technical data.
Equity Interests
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Mauritania
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Senegal
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Tortue Unit
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Kosmos
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28%
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30%
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29%
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BP
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62%
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60%
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61%
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Petrosen
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N/A
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10%
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5%
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SMHPM
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10%
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N/A
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5%
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About Kosmos Energy
Kosmos is a leading independent oil and gas exploration and production
company focused on frontier and emerging areas along the Atlantic
Margin. Our assets include existing production and development projects
offshore Ghana and Equatorial Guinea, large discoveries offshore
Mauritania and Senegal, as well as exploration licenses with significant
hydrocarbon potential offshore Suriname, Sao Tome and Principe,
Equatorial Guinea, Morocco and Western Sahara. 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 2016
Corporate Responsibility Report. Kosmos is listed on the New York
Stock Exchange and the London Stock Exchange under the ticker symbol
KOS. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180211005051/en/
Copyright Business Wire 2018
Source: Business Wire
(February 12, 2018 - 2:00 AM EST)
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