“The wider refinancing continues, and while the overall cost of the debt has increased, the maturity of the debt has been extended, which takes pressure off the balance sheet in the near term,” Kelty said.
The Athena team has been involved in the discovery of more than 10 billion barrels in the North Sea and West Africa.
“In addition, the project is expected to deliver LNG export volumes to global markets, further establishing Senegal as an important and reliable supplier of energy to the world.”
As a result, the drilling company said the rig would be in Equatorial Guinea for around 230 days. Trident also has another two options it could exercise.
“This triumph augments our confidence in other prospects across the nation,” he said. He singled out the potential of further investments in Tullow’s TEN project.
The Jubilee field averaged 80,800 bpd in the fourth quarter of 2022. It fell in the first quarter of reduced water injection. Kosmos Energy reported previously that JSE would increase Jubilee to more than 110,000 bpd by the end of 2023.
“It’s transition on our own terms, with our own resources. We need to get smarter about how we articulate that, not as victims, or as people to be allowed to do things,” said Yvonne Ike, head of sub-Saharan Africa at Bank of America. “We need to work with the countries that get it, so from the Gulf, from Asia.”
“The first well in the main field is starting up shortly. The build up to 110,000 bpd is clearly laid out and the activity set is on plan. The well rates are consistent – and slightly ahead of pre-drill estimates.”
Kosmos will consider its options this year. Inglis said it would be likely that the second phase would have some element of fixed contract and spot pricing. “We will not have to have sold all the gas” at final investment decision (FID), he said.
“With higher production and lower capital, free cash flow is expected to rise into 2024 providing multiple pathways for the company to deliver value for our shareholders.”
Past drilling on the block has suggested there is potential, with an “extensive prospect inventory” within tie-back distance to Ceiba and the Okume complex.
BP and Kosmos Energy will present a plan of development for the Yakaar-Teranga this year and reach a final investment decision, a Senegalese official has said.
The FPSO for BP’s Greater Tortue Ahymeyim (GTA) LNG project has left China and is heading for its site off Mauritania and Senegal.
Kosmos Energy is taking steps to ramp up production by 50% by 2024 – and in the longer term scale up its West African gas projects.
Mauritania has signed a production-sharing contract (PSC) for the BirAllah field with BP and Kosmos Energy.
A typhoon has ripped a BP FPSO away from its moorings at a Chinese yard, throwing up another challenge to plans for LNG production off Senegal and Mauritania.
Trident Energy has signed up a rig from Island Drilling for work offshore Equatorial Guinea.
High gas prices represent an opportunity for those already producing, but those working on new supplies are feeling the need to accelerate plans. Floating LNG (FLNG) offers one solution, being faster to market than onshore projects.
Eiffage Génie Civil Marine have completed the central platform of the hub for the Greater Tortue Ahmeyim (GTA) LNG project, offshore Mauritania and Senegal.
A small group of deep-pocketed companies increasingly dominates exploration and, as yet, they are avoiding the boom-and-bust mentality of previous oil cycles.
Kosmos Energy is generating free cash flow at unprecedented volumes, allowing it to pay down debt, and has been talking up LNG.
Kosmos Energy is scaling up spending to $700 million this year, from $460mn in 2021, on both its base producing business and its LNG project with BP.
Eiffage Génie Civil Marine has completed the construction of the 21 caissons required for BP’s Greater Tortue Ahmeyim (GTA) project.
Is there a space for carbon capture and storage (CCS) as a service? Recently formed Lapis Energy is betting there is, eyeing opportunities in the US, UK, Europe and South East Asia.
Valaris has announced a clutch of contract awards, including decommissioning work with Centrica in the UK.