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Kosmos increases reserves for seventh consecutive year

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LNG Industry,

Kosmos Energy has announced that its reserves have increased for the seventh consecutive year.

According to the statement, total 1P reserves at year-end 2019 were approximately 169 million boe, and 2P reserves were approximately 552 million boe.

In addition to this, following the recent signing of a sale and purchase agreement (SPA) for the Phase 1 LNG offtake of the Greater Tortue Ahmeyim project, the company claims that it is planning to book additional net 1P reserves of approximately 100 million boe. Adjusting for these additional volumes increases total 1P reserves to approximately 268 million boe.

Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos Energy, said: “The quality of our diverse portfolio was demonstrated again in 2019 as Kosmos organically replaced approximately 106% of production on a 1P basis, marking the seventh consecutive year of greater than 100% of production replacement.

“In addition, we reached another milestone in the Greater Tortue Ahmeyim development with the signing of the Phase 1 SPA with BP Gas Marketing, enabling Kosmos to book our 1P reserves for the project. With a 1P reserve base of 268 million boe, split approximately 60% oil, 40% gas, we have a 1P reserve to production ratio of approximately 11 years, supporting growth with an increasing contribution of gas.”

The increase in 1P reserves (excluding the impact of the Greater Tortue Ahmeyim Phase 1 LNG SPA) is primarily driven by performance in Ghana, where additional drilling has increased oil in place estimates. Jubilee recent production performance has been impacted by facilities issues and gas handling constraints, and the reservoir performance remains strong.

Kosmos claims the increase in 2P reserves was largest caused by performance at Jubilee and an increase at Greater Tortue Ahmeyim following the GTA-1 appraisal well drilled last year. 2P reserves in Equatorial Guinea and the Gulf of Mexico, meanwhile, were held relatively flat, with revisions replacing most of 2019 production.

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