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Tuesday, February 13, 2018
Kosmos Energy confirmed that the governments of Mauritania and Senegal have signed an Inter-Governmental Cooperation Agreement (ICA) which enables the company and its partners to move forward on the development of the cross-border Tortue natural gas field. With this agreement in place, Kosmos expects a FID for the project around the end of the year and first gas in 2021.
The agreement between Mauritania and Senegal provides for development of the Tortue field through cross-border unitization, with a 50%-50% initial split of resources and revenues, and a mechanism for future equity redeterminations based on actual production and other technical data.
Minister of Energy, Petroleum and Mines Mohamed Abdel Vetah of Mauritania and Minister of Petroleum and Energy Mansour Elimane Kane of Senegal signed the agreement in a joint meeting during the Presidential Summit held in Nouakchott, Mauritania on February 9.
Commenting on the approval, Kosmos chairman and CEO Andrew G. Inglis said: “Kosmos congratulates Mauritania, Senegal, and their respective ministries and national oil companies for working together so effectively to reach an agreement that enables their shared gas resources to be developed quickly and efficiently for the benefit of both countries. The innovative near-shore LNG concept being used for Tortue positions the development as one of the lowest cost green-field LNG projects in the world. We look forward to working with BP and our national oil company partners to continue the front-end engineering design process that will enable a final investment decision around the end of 2018.”
Kosmos is partnered with BP and the two state-run firms of Senegal and Mauritania, Petrosen and SMHPM respectively.
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