Tiberius-Lucius tieback on track for project sanction

May 8, 2024
Kosmos Energy is pursuing a phased development of last year’s ultradeepwater Tiberius oil discovery (100 MMboe) in Keathley Canyon Block 964 in the Gulf of Mexico.

Offshore staff

DALLAS., TXKosmos Energy is pursuing a phased development of last year’s ultradeepwater Tiberius oil discovery (100 MMboe) in Keathley Canyon Block 964 in the Gulf of Mexico (GoM).

The company plans a 6-mile subsea tieback to the Occidental-operated Lucius spar platform, with project sanction expected later this year. Long lead items have been secured in an attempt to optimize the development timeline and project costs.

During first-quarter 2024, Kosmos acquired part of Equinor's stake to maintain an aligned partnership and now holds 50%, but it will look to farm down part of its interest to sustain its capital program for 2025 and beyond.

Elsewhere in the GoM, the Odd Job subsea pump project should go online in mid-2024. Around the same time, workover operations should begin on the Kodiak 3 well.

The first two wells of the Beacon Energy-operated Winterfell development (Kosmos 25%) should go onstream shortly followed by a third well later in the year, lifting overall production to about 20,000 boe/d. Greater Winterfell holds an estimated resource of up to 200 MMbboe.

Finally, the Tornado Field looks set to be offline for most of this quarter due to routine maintenance of the HP-1 floating production unit.

05.07.2024

Courtesy Valeura Energy Inc. Corporate Overview May 2024
Courtesy COSCO Shipping & Guangzhou Salvage Heavy Transport Co. Ltd.
Courtesy Wintershall Dea