The US$4.8 billion Greater Tortue Ahmeyim (GTA) project, a collaborative effort between BP and Kosmos Energy, is on the verge of dispatching its inaugural shipment of liquefied natural gas (LNG).
The project, situated in offshore fields shared by Senegal and Mauritania, marks a significant milestone poised to bolster global LNG supply and stimulate economic growth in both West African nations.
Kosmos Energy confirmed the imminent shipment, stating: “The first LNG cargo is expected later this quarter, with an LNG tanker currently standing by the hub terminal ready for loading.
“Loading the first cargo is when the partnership will start to recognise revenue from the project.”
This announcement follows the company’s previous statement earlier in February regarding the project’s initial LNG production.
Andrew G. Inglis, Chairman and CEO of Kosmos Energy, emphasised the project’s importance: “GTA is a world-scale asset in the Kosmos portfolio and with the initial capital-intensive phase complete, we can focus on delivering the full potential of the asset with significant room to grow production and cash flow.”
The GTA project recently achieved key milestones, including the commencement of initial gas output in December 2024, despite earlier delays.
The initiation of LNG exports from the GTA project will introduce a new supply source into a competitive global market, particularly relevant given the cessation of Russian gas transit through Ukraine, as reported by Bloomberg.
Senegal, which began oil exports last year, has already experienced a significant economic boost, with its growth rate surging to a record 8.9 per cent in the quarter ending September.
In other financial results, Kosmos Energy reported a net loss of US$7 million in the fourth quarter of 2024, with revenues of US$398 million.
The company generated approximately US$176 million in net cash from operating activities and US$14 million in free cash flow during the same period.
Net production stood at approximately 66,800 barrels of oil equivalent per day (boepd), falling slightly below guidance due to lower production at the Jubilee oilfield and the timing of new project start-ups.
The company’s year-end 2024 2P reserves were approximately 528 million barrels of oil equivalent, representing a 22-year reserves-to-production ratio.
Production expenses were reported at US$153 million, with capital expenditure (capex) at US$117 million.
Looking ahead, Inglis stated: “With the end of this highly capital-intensive period for the company we will now prioritise the generation of free cash flow from our increased production base together with disciplined capital investment.
“Our forecast 2025 capex budget of US$400m is a reduction of over 50 per cent from recent years.”
