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The $4.8bn Greater Tortue Ahmeyim (GTA) project, a collaboration between BP and Kosmos Energy, is preparing to dispatch its first shipment of liquefied natural gas (LNG) from offshore fields shared by Senegal and Mauritania.
This milestone is expected to bolster global LNG supply and contribute to economic growth in both West African countries.
Kosmos Energy said: "The first LNG cargo is expected later this quarter, with an LNG tanker currently standing by the hub terminal ready for loading. Loading the first cargo is when the partnership will start to recognise revenue from the project."
The development follows a previous announcement made by the company earlier this month on the production of the first LNG at the project.
Kosmos Energy chairman and CEO Andrew G. Inglis said: “GTA is a world-scale asset in the Kosmos portfolio and with the initial capital-intensive phase complete, we can focus on delivering the full potential of the asset with significant room to grow production and cash flow.”
The project has recently achieved several key milestones including the initial gas output in December 2024, following a series of delays.
The commencement of LNG exports from the GTA project will introduce new supply to a competitive global market, amid the cessation of Russian gas transit through Ukraine, reported Bloomberg.
Senegal, having initiated oil exports last year, experienced a surge in its growth rate to a record 8.9% in the quarter ending September.
Kosmos Energy also reported a net loss of $7m in the fourth quarter of 2024, while revenues stood at $398m.
The company generated approximately $176m in net cash from operating activities and $14m in free cash flow during the same period.
Net production was below guidance at approximately 66,800 barrels of oil equivalent per day (boepd), which was attributed to lower production at the Jubilee oilfield and the timing impact of new project start-ups.
Production expenses were reported as $153m, with capital expenditure (capex) of $117m.
The company's year-end 2024 2P reserves stood at approximately 528 million barrels of oil equivalent, representing a 22-year reserves-to-production ratio.
Inglis added: “With the end of this highly capital-intensive period for the company we will now prioritise the generation of free cash flow from our increased production base together with disciplined capital investment. Our forecast 2025 capex budget of $400m is a reduction of over 50% from recent years.”
"BP, Kosmos’ Greater Tortue Ahmeyim project prepares for first LNG shipment" was originally created and published by Offshore Technology, a GlobalData owned brand.