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The project will initially develop the Tortue discovery; however, there are several other smaller discoveries and more than a dozen prospects nearby that could add upside to this Atlantic Margin presalt play.
Egypt still needs to import natural gas from neighboring countries to satisfy domestic consumption, so Egypt’s government has agreed to pay a higher price to the foreign operators and encourage them to develop new natural gas discoveries.
The FLNG development will be the first offshore Africa and the world’s third.
Vast gas resources offshore Mauritania and Senegal will benefit the two African countries and spur exploration, the CEO of Kosmos said.
Technology and investment opportunities were among the topics discussed during the conference.
Enhanced completions onshore and subsea tiebacks offshore are contributing to production gains, but low commodity prices are taking away profit potential.
BP (NYSE: BP) and Kosmos Energy (NYSE: KOS) have won exploration rights to two offshore oil blocks in Sao Tome and Principe’s exclusive economic zone, the national oil agency said on Jan. 23.
Kosmos Energy Ltd. (NYSE: KOS) said on Dec. 12 that it would plug its Lamantin-1 exploration well offshore Mauritania after it failed to find significant amount of oil and gas.
ADES International Holding Ltd. said on Nov. 15 that its subsidiary ADES SAE has entered into a long-term joint venture (JV) agreement with a subsidiary of Vantage Drilling International.
Ghana has opened talks with ExxonMobil Corp. (NYSE: XOM) to allow the U.S. oil firm to undertake deepwater exploration off its coast, a deputy energy minister said on Nov. 13.
Kosmos Energy, partnered with BP Africa, plan to produce gas off Mauritania coast after a test drill showed that a key field would produce about 60 million cubic feet per day (MMcf/d) of gas.
Ivory Coast awarded Tullow Oil Plc two new oil and gas blocks on Jan. 17, including one along the maritime boundary with Ghana, government spokesman Bruno Kone said.
Algerian state-owned energy company Sonatrach has signed an agreement with BP and Statoil to produce an additional 11 billion cubic meters (Bcm) of natural gas from its Tiguentourine gas field, Sonatrach’s CEO said Dec. 20.
State energy company Sonatrach and Baker Hughes will set up a joint venture and build an oil equipment plant in Algeria at a cost of $45 million under a deal signed on Nov. 9.
Dallas, Texas-based Kosmos is working with the partners to bring a second rig into Ghana in 2018, CEO Andrew Inglis said on a post-earnings call Nov. 6.
Hassi Rmel gas field represents 60% of Algeria’s total gas output. It produces between 190 MMcm/d and 210 MMcm/d, but Sonatrach needed to invest into the field’s compression facilities to maintain output, Kaddour said.