Kosmos Energy Announces First Gas at the Greater Tortue Ahmeyim LNG Project in Mauritania and Senegal
Kosmos Energy (NYSE/LSE: KOS) has achieved first gas production at the Greater Tortue Ahmeyim (GTA) LNG project offshore Mauritania and Senegal, as announced by operator bp plc. Gas began flowing on December 31, 2024, from wells to the floating production storage and offloading vessel, preceding delivery to the floating LNG vessel for liquefaction.
Once fully commissioned, GTA Phase 1 is expected to produce approximately 2.3 million tonnes of LNG per annum, with the floating LNG vessel having a nameplate capacity of about 2.7 mtpa. The first LNG cargo is anticipated in Q1 2025, marking the start of revenue recognition from the project.
The company aims to reach a production target of ~90,000 boepd, with plans to reduce capital expenditure and generate free cash flow for debt reduction, targeting a leverage ratio below 1.5x.
Kosmos Energy (NYSE/LSE: KOS) ha raggiunto la prima produzione di gas nel progetto LNG Greater Tortue Ahmeyim (GTA) al largo della Mauritania e del Senegal, come annunciato dall'operatore bp plc. Il gas ha iniziato a fluire il 31 dicembre 2024, dai pozzi alla nave di stoccaggio e scarico di produzione galleggiante, prima della consegna alla nave LNG galleggiante per la liquefazione.
Una volta completamente collaudato, GTA Fase 1 si prevede produca circa 2,3 milioni di tonnellate di LNG all'anno, con la nave LNG galleggiante che ha una capacità nominale di circa 2,7 mtpa. La prima consegna di LNG è prevista nel primo trimestre del 2025, segnando l'inizio del riconoscimento dei ricavi dal progetto.
L'azienda mira a raggiungere un obiettivo di produzione di circa 90.000 boepd, con piani per ridurre le spese in conto capitale e generare flusso di cassa libero per la riduzione del debito, mirando a un rapporto di leva finanziaria sotto 1,5x.
Kosmos Energy (NYSE/LSE: KOS) ha logrado iniciar la producción de gas en el proyecto de LNG Greater Tortue Ahmeyim (GTA) en alta mar, en Mauritania y Senegal, según anunció el operador bp plc. El gas comenzó a fluir el 31 de diciembre de 2024, desde los pozos hacia el buque de almacenamiento y descarga de producción flotante, antes de ser entregado al buque de LNG flotante para su licuefacción.
Una vez completamente operativo, se espera que GTA Fase 1 produzca aproximadamente 2,3 millones de toneladas de LNG al año, teniendo el buque de LNG flotante una capacidad nominal de alrededor de 2,7 mtpa. Se anticipa que la primera carga de LNG llegue en el primer trimestre de 2025, marcando el inicio del reconocimiento de ingresos por el proyecto.
La empresa tiene como objetivo alcanzar una producción de aproximadamente 90,000 boepd, con planes de reducir el gasto de capital y generar flujo de caja libre para la reducción de deuda, apuntando a un ratio de apalancamiento por debajo de 1,5x.
Kosmos Energy (NYSE/LSE: KOS)는 마우리타니아와 세네갈 해상에 있는 Greater Tortue Ahmeyim (GTA) LNG 프로젝트에서 최초의 가스 생산을 달성했다고 운영사 bp plc가 발표했습니다. 가스는 2024년 12월 31일부터 우물에서 떠 있는 생산 저장 및 하역 선박으로 흐르기 시작했으며, 이는 다시 액화용 떠 있는 LNG 선박으로 전달됩니다.
전면 가동되면 GTA 1단계는 연간 약 230만 톤의 LNG를 생산할 것으로 예상되며, 떠 있는 LNG 선박의 명목 용량은 약 270만 mtpa입니다. 첫 번째 LNG 화물은 2025년 1분기에 도착할 것으로 예상되며, 이는 프로젝트 수익 인식의 시작을 의미합니다.
회사는 약 90,000 boepd의 생산 목표를 달성하는 것을 목표로 하며, 자본 지출을 줄이고 부채 축소를 위한 자유 현금 흐름을 생성할 계획을 가지고 있으며, 레버리지 비율 1.5x 이하를 목표로 하고 있습니다.
Kosmos Energy (NYSE/LSE: KOS) a atteint la première production de gaz dans le projet de GNL Greater Tortue Ahmeyim (GTA) au large de la Mauritanie et du Sénégal, comme l'a annoncé l'opérateur bp plc. Le gaz a commencé à s'écouler le 31 décembre 2024, des puits vers le navire de stockage et de déchargement de production flottant, avant d'être livré au navire de GNL flottant pour liquéfaction.
Une fois entièrement mis en service, GTA Phase 1 devrait produire environ 2,3 millions de tonnes de GNL par an, le navire de GNL flottant ayant une capacité nominale d'environ 2,7 mtpa. Le premier chargement de GNL est attendu au premier trimestre de 2025, marquant le début de la reconnaissance des revenus du projet.
L'entreprise vise un objectif de production d'environ 90 000 boepd, avec des plans pour réduire les dépenses en capital et générer des flux de trésorerie disponibles pour réduire la dette, visant un ratio d'endettement inférieur à 1,5x.
Kosmos Energy (NYSE/LSE: KOS) hat die erste Gasproduktion im LNG-Projekt Greater Tortue Ahmeyim (GTA) vor der Küste von Mauretanien und Senegal erreicht, wie der Betreiber bp plc bekannt gab. Am 31. Dezember 2024 begann das Gas von den Bohrlöchern zur schwimmenden Produktions-, Speicher- und Entladeeinheit zu fließen, bevor es zur Verflüssigung an das schwimmende LNG-Schiff geliefert wurde.
Nach vollständiger Inbetriebnahme wird für GTA Phase 1 eine Produktion von etwa 2,3 Millionen Tonnen LNG pro Jahr erwartet, wobei das schwimmende LNG-Schiff eine Nennkapazität von etwa 2,7 mtpa hat. Die erste LNG-Lieferung wird im ersten Quartal 2025 erwartet, was den Beginn der Erlösrealisierung aus dem Projekt markiert.
Das Unternehmen hat das Ziel, eine Produktionsrate von etwa 90.000 boepd zu erreichen, mit Plänen zur Reduzierung der Investitionsausgaben und zur Generierung von freiem Cashflow zur Schuldenreduzierung, mit dem Ziel, ein Verschuldungsgrad unter 1,5x zu erreichen.
- First gas production achieved at Greater Tortue Ahmeyim LNG project
- Expected production of 2.3 million tonnes of LNG per annum
- Revenue generation to begin with first LNG cargo in Q1 2025
- Projected production target of 90,000 boepd
- Anticipated reduction in capital expenditure
- No immediate revenue recognition until Q1 2025
- Current debt levels requiring reduction to reach target leverage ratio
Insights
The achievement of first gas at the Greater Tortue Ahmeyim LNG project marks a pivotal milestone for Kosmos Energy's growth trajectory. The 2.3 million tonnes per annum LNG production capacity represents a substantial revenue stream, particularly given current global LNG demand dynamics. The project's strategic location in West Africa positions it advantageously for exports to both European and Asian markets.
The timing of revenue recognition in Q1 2025 coincides with projected strong LNG pricing environments. The targeted production increase to 90,000 boepd will significantly boost Kosmos's output profile. Most critically, the company's focus on debt reduction and achieving a leverage ratio below 1.5x demonstrates sound financial management, especially as capital expenditure requirements decrease post-project completion.
This development represents a transformative event for Kosmos's financial profile. The transition from capital-intensive development to cash-generating production phase will substantially improve free cash flow metrics. With a market cap of
The debt reduction strategy, coupled with falling capex requirements, suggests strong potential for balance sheet optimization in 2025. The expected leverage ratio target of below 1.5x would position Kosmos more favorably among peers and potentially lead to improved borrowing terms and credit ratings. This financial strengthening comes at an opportune time as global energy markets continue to prioritize LNG infrastructure.
On December 31, 2024, gas from the first phase of GTA started to flow from wells to the floating production storage and offloading (FPSO) vessel ahead of delivery to the floating LNG vessel for liquefaction. Once fully commissioned, GTA Phase 1 is expected to produce around 2.3 million tonnes of LNG per annum (mtpa) with the floating LNG vessel nameplate capacity of approximately 2.7 mtpa.
First gas is a key milestone for the partnership and the governments of
Commenting on first gas production at GTA, Chairman and Chief Executive Officer Andrew G. Inglis said: “Achieving first gas sets the stage for us to ramp up production and reach the ~90,000 boepd production target we set two years ago. With our key growth projects largely delivered and capex falling, Kosmos is well positioned going into 2025. The company remains focused on disciplined capital allocation and the generation of free cash flow that enables us to pay down debt, reduce leverage to less than 1.5x, and enhance the financial resilience of the company.”
About Kosmos Energy
Kosmos is a full-cycle, deepwater, independent oil and gas exploration and production company focused along the offshore Atlantic Margins. Our key assets include production offshore
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. Management does not provide a reconciliation for forward looking non GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of our control or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward looking non GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
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Investor Relations
Jamie Buckland
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations
Thomas Golembeski
+1-214-445-9674
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Source: Kosmos Energy
FAQ
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