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Kosmos outlines 2021 CapEx Budget; reports year-end reserves and production


Kosmos expects to spend approximately $225 to $275 million in 2021, excluding Mauritania and Senegal, around 80% of which will target maintaining and growing existing production and up to 20% targeting growth activities, mainly through infrastructure-led exploration.

In Mauritania and Senegal, total 2021 capital expenditure for Kosmos' working interest is expected to be around $350 million and is expected to be funded primarily from proceeds of the previously mentioned FPSO sale ($250 million in 2021) and National Oil Company loan financing ($100 million).


At year end 2020, Kosmos had 2P reserves of around 480 million barrels, a reserves-to-production life of over 20 years, and 1P SEC reserves of around 140 million barrels (which excludes Tortue Phase 1), a reserves-to-production life of around 7 years, as certified by an independent third party.


Total net production in the fourth quarter of 2020 averaged approximately 60,200 boepd. Full year net production of approximately 60,800 boepd is consistent with the Company's updated guidance.

Production in Ghana averaged approximately 24,300 barrels of oil per day (bopd) net in the fourth quarter of 2020. As forecasted, Kosmos lifted three cargos from Ghana during the fourth quarter for a total of 10 cargos in 2020.

Gross production rates at Jubilee averaged approximately 75,500 bopd during the quarter with FPSO uptime of around 95%. TEN production averaged approximately 43,200 bopd gross for the fourth quarter with FPSO uptime of 98%.

U.S. Gulf of Mexico 
Production in the U.S. Gulf of Mexico averaged approximately 25,500 boepd net (84% oil) during the fourth quarter, including recognition of contractual royalty relief of approximately 3,600 boepd.

Equatorial Guinea
Production in Equatorial Guinea averaged approximately 31,200 bopd gross and 10,500 bopd net in the fourth quarter of 2020. As forecasted, Kosmos lifted 1.5 cargos from Equatorial Guinea during the quarter for a total of 4.5 cargos net in 2020.

KeyFacts Energy: Kosmos Energy US country profile

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