DALLAS – Phase 1 of the BP-operated Greater Tortue Ahmeyim gas-condensate development offshore Mauritania and Senegal should be around 50% complete by year end, Kosmos Energy reported in its latest results statement.
Throughout this year, the company and BP have worked with both countries’ national oil companies on optimization measures. They are now targeting expansion to 5 MM metric tons/yr of LNG for Phase 2, using all the major infrastructure from Phase 1.
As a result, estimated capital costs for Phase 2 have come down with anticipated returns from the project improved.
Early next year, Kosmos and BP hope to close a deal for the sale of the FPSO to a special purpose vehicle (SPV) for the capital costs paid so far, with the vessel then leased back to the project.
The SPV would likely assume the future capital obligations for the FPSO.