In 2009, Kosmos Clinched $1B for Jubilee Development

Jubilee Field
(Click to Enlarge)

Kosmos Energy's 2009 capital raise exceeded US $1 billion. The amount includes US $825 million in project finance debt facilities committed by international financial and banking institutions, including US $75 million committed by Credit Suisse International in late 2009 and US $750 million secured in July 2009. The total amount also includes US $250 million of private equity invested by Warburg Pincus and The Blackstone Group.

The funds primarily support Kosmos' share of phase-one development of the Jubilee oil field offshore Ghana, appraisal of the company's additional oil discoveries on the West Cape Three Points Block and adjacent Deepwater Tano Block, and ongoing exploration activities in the area. In 2010, Kosmos plans to increase its total project finance debt facilities.

"In 2009, Kosmos raised US $825 million in the global debt markets. In addition, Warburg Pincus and The Blackstone Group, our private-equity investors, significantly increased their commitment to the company. We believe this is a substantial achievement for Kosmos, as we were successful in pursuing our focused-yet-aggressive financing strategy during one of the worst global credit markets," said W. Greg Dunlevy, Kosmos Executive Vice President and Chief Financial Officer. "Since the company's founding in 2003, we have raised approximately US $2 billion in capital to build a sizable, highly valuable, West Africa-focused oil and gas exploration and production enterprise through organic growth, primarily offshore Ghana."



Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Production Engineer
Expertise: Production Engineering
Location: Houston, TX
Senior Client / Program Manager
Expertise: Geologist|Reservoir Engineering
Location: Seattle, WA
Senior Sales Representative - Oil and Gas
Expertise: Corrosion Engineering|Petroleum Engineering|Sales
Location: Harvey, LA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours