Kosmos shares rise as offshore oil scheme launches commercially
Kosmos Energy Ltd on Monday confirmed that power from one of its offshore oil mining projects had been used commercially for the first time.
The Dallas, Texas-based mining firm, focused on oil and gas in Africa, owns about 27% of the Greater Tortue Ahmeyim project near Mauritania and Senegal. It is a joint venture with Golar LNG Ltd, a Bermuda-based company which owns floating liquefication vessels, or FLNGs, for marine mining.
The project is operated by London-based BP PLC, with whom Kosmos has a 20-year lease agreement.
As of Monday, Tortue Ahmeyim has reached its commercial operations date, Kosmos said, meaning the fuel produced on the FLNG Gimi vessel is now being distributed to customers.
Reaching COD indicates liquified natural gas production has risen to a level that matches annual contracted volumes of around 2.4 million tonnes per annum, or 90% of nameplate capacity, which is 2.7 million.
This ‘marks a significant milestone’, Kosmos said. It comes after the first production of LNG back in February, and shipment of the first LNG cargo back in April.
Following successful shipments over the past few months, the fourth LNG cargo is ‘currently loading’, with a fifth expected early in the third-quarter. Kosmos forecast around 3.5 gross cargos in the second-quarter.
The firm’s shares were 1.2% higher at 174.00 pence early on Monday afternoon in London, while BP shares were up 1.2% at 389.40p.
Copyright 2025 Alliance News Ltd. All Rights Reserved.