Greater Tortue Ahmeyim Sale and Purchase Agreement Signed with BP Gas Marketing

Source Press Release
Company Kosmos Energy LtdBP Plc.PetrosenSociété Mauritanienne des Hydrocarbures 
Tags Oil & Gas Trading, LNG & Gas Storage/Processing
Date February 12, 2020

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.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd