Kosmos turns to fourth-quarter profit

Dallas-based Kosmos Energy reported a net profit of $186 million during the fourth quarter of 2018, compared to a net loss of $122 million in the corresponding quarter in 2017. 

Fourth quarter 2018 sales volumes hit 5.1 million barrels of oil equivalent (boe) in 2018 as compared to 2.9 million barrels of oil equivalent in 2017, the company said in its report.

“2018 was a transformative year as Kosmos has evolved into a full cycle E&P Company,” said Andrew Inglis, chairman and chief executive officer.

In December 2018, Kosmos and its partner BP informed a final investment decision for Phase 1 of the Greater Tortue Ahmeyim project has been agreed. The Greater Tortue Ahmeyim project will produce gas from a deepwater subsea system to an FLNG facility at a nearshore hub located on the Mauritania and Senegal maritime border.

The FLNG facility for Phase 1 is expected to deliver approximately 2.5 million tons per annum on average. The full project will provide 10 million tons per annum of LNG for global export, as well as make gas available for domestic use in both Mauritania and Senegal.

First gas for the project is expected in the first half of 2022.

Following a competitive tender process, BP Gas Marketing has been selected as the buyer for the LNG offtake of all partners for Greater Tortue Ahmeyim Phase 1.