Kosmos Energy has announced the commencement of liquefied natural gas (LNG) production at the BP-operated Greater Tortue Ahmeyim (GTA) project, located offshore between Mauritania and Senegal.
On December 31, 2024, gas from GTA’s first phase began flowing from wells to the floating production storage and offloading (FPSO) vessel for processing. The processed gas is then delivered to a floating LNG vessel for liquefaction.
With liquefaction underway, Kosmos will start recognizing gas entitlement production from the project in its quarterly statements. BP has notified its offtaker, BP Gas Marketing Ltd., to arrange for an LNG carrier to export the first cargo later this quarter. Kosmos will recognize revenue and generate cash flow from the project upon the lifting of this initial LNG cargo.
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GTA project
“First LNG is another major milestone for Kosmos, the GTA partnership, and the governments of Mauritania and Senegal. We are looking forward to the accelerated ramp-up of LNG production and the first LNG cargo lifting during the first quarter,” Andrew G. Inglis, Chairman and CEO of Kosmos, stated.
The GTA project is designed to produce approximately 2.3 million metric tons of LNG annually upon full commissioning. This development marks a significant step toward realizing the potential of Mauritania’s and Senegal’s gas resources, positioning the countries as emerging LNG production hubs.
Kosmos Energy is a deepwater exploration and production company with operations in Ghana, Equatorial Guinea, Mauritania, Senegal, and the U.S. Gulf of Mexico. The company is listed on the New York Stock Exchange and London Stock Exchange under the ticker symbol KOS.
As of the latest trading session, Kosmos Energy Ltd (KOS) shares are priced at $3.25, reflecting an increase of $0.23 (7.64%) from the previous close. BP plc (BP), the operator of the GTA project, has its shares priced at $34.42, up by $2.15 (6.66%).
The successful initiation of LNG production at GTA underscores the collaborative efforts of Kosmos, BP, and the governments involved, highlighting the project’s significance in the global energy landscape.
