Offshore staff
DALLAS – The governments of Mauritania and Senegal have signed an inter-governmental cooperation agreement (ICA) allowing development of the cross-border deepwater Tortue natural gas field to move forward.
With this agreement in place,Kosmos Energy and its partners expect to take a final investment decision for the Greater Tortue project around the end of 2018, leading to first gas in 2021.
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 greenfield 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.”
Kosmos said the ICA is informed by industry best practice for the development of cross-border resources, based on the landmark Frigg Agreement of 1976 between the UK and Norway. The accord 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.
Equity interests
| Mauritania | Senegal | Tortue Unit |
Kosmos | 28% | 30% | 29% |
BP | 62% | 60% | 61% |
Petrosen | N/A | 10% | 5% |
SMHPM | 10% | N/A | 5% |
02/12/2018
