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BP plc BP, the UK-based energy major, has reached a milestone in its ambitious Greater Tortue Ahmeyim (“GTA”) liquefied natural gas (LNG) project, located off the coasts of Mauritania and Senegal. This achievement marks a critical step in the commissioning of Golar LNG’s floating liquefied natural gas (FLNG) vessel, Gimi, as it receives feed gas from the project’s FPSO.
The GTA Phase 1 project, considered BP’s largest and most complex undertaking, commenced the first gas flow from its subsea wells to the FPSO GTA in recent weeks. On Jan. 18, 2025, the FLNG Gimi received feed gas from the FPSO, enabling full commissioning activities. This process followed initial commissioning work using gas from a British Sponsor LNG carrier.
Golar LNG has described this development as a “key milestone” in the ramp-up of commissioning activities. The first export cargo of LNG is expected by the first quarter of 2025, with full commercial operations slated for the second quarter, contingent on meeting all necessary conditions.
The completion of the commissioning phase will initiate a 20-year lease and operate agreement, unlocking approximately $3 billion in adjusted EBITDA backlog for Golar LNG. This agreement includes recognition of both capital and operational payments.
The GTA Phase 1 development features Africa’s deepest subsea infrastructure, with wells reaching water depths of up to 2,850 meters. The project is set to produce 2.3 million tons of LNG annually for over two decades. Gas from subsea wells is processed aboard the FPSO GTA before being transported to the FLNG Gimi for liquefaction and export.
BP, holding a 56% working interest in the project, regards GTA as a cornerstone of its global portfolio, supported by approximately 15 trillion cubic feet of recoverable gas resources. Partner companies include Kosmos Energy (27%), Petrosen (10%) and SMH (7%).
Beyond GTA, BP continues to advance other global projects, including ongoing drilling and subsea commissioning operations in the Mediterranean Sea. These activities underscore BP’s commitment to expanding its energy footprint and delivering long-term value to stakeholders.
As BP progresses with its GTA project, the achievement of this milestone not only reinforces the company's position as a leader in deepwater gas developments but also highlights the strategic importance of LNG in its future energy mix. The successful commissioning of FLNG Gimi sets the stage for a new era of energy production in Africa.
BP’s Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).