Kosmos' Greater Tortue Ahmeyim Project Hits Delays
With border closures, travel bans, social distancing restrictions and office closures related to the coronavirus, Kosmos Energy’s Greater Tortue Ahmeyim Project’s timeline has been impacted, according to a recent company statement. These ongoing restrictions have had an impact on time-critical workstreams, including the construction of the breakwater during the 2020 weather window.
As a result, the Phase 1 project timeline is expected to be delayed by one year, with first gas now anticipated in the first half of 2023. Phase 1 is currently over 30% complete.
The delay will also cause a reduction in budgeted spend in 2020, according to the company.
“The year delay of the project as a result of missing the weather window is an inevitable consequence, but the safety of our people and those of our partners remains the priority during these unprecedented times,” Andrew G. Inglis, Kosmos Energy’s Chairman and CEO, said in a written statement. “We are working with the operator to optimize the capital phasing of the project.”
Separately, Kosmos has worked with its operators to identify a further $75 million in savings across operating and capital expenditure in the base production businesses, bringing the total cost savings identified since mid-March to about $235 million. The company is now targeting $200 – 225 million in capital spend in 2020, and production guidance for the full year remains intact.
Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Its key assets include production offshore Ghana, Equatorial Guinea and the Gulf of Mexico, as well as a gas development offshore Mauritania and Senegal.
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