Kosmos Energy is a full-cycle deepwater independent oil and gas exploration and production company focused on the Atlantic Margins. The company's assets include oil production and exploration in proven basins offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal.

Kosmos was founded in 2003 to find oil in under-explored or overlooked parts of West Africa. In its relatively brief history, the company have successfully opened two new hydrocarbon basins through the discovery of the Jubilee field offshore Ghana in 2007 and the Greater Tortue Ahmeyim field in 2015 (which includes the Ahmeyim and Guembeul-1 discovery wells offshore Mauritania and Senegal in 2015 and 2016, respectively). Jubilee was one of the largest oil discoveries worldwide in 2007 and is considered one of the largest finds offshore West Africa discovered during that decade. The Greater Tortue Ahmeyim discovery was one of the largest natural gas discoveries worldwide in 2015 and is one of the largest gas discoveries ever offshore West Africa. 

Over the past few years, the company’s business strategy has evolved to focus on production enhancing infill drilling and well work, infrastructure-led exploration as well as value-accretive acquisitions. This strategic evolution was initially enabled by the acquisition of the Ceiba Field and Okume Complex assets offshore Equatorial Guinea in 2017, together with access to surrounding exploration licenses, and bolstered by the 2018 acquisition of Deep Gulf Energy, a deepwater company operating in the U.S. Gulf of Mexico, which further enhanced production, exploitation and infrastructure-led exploration capabilities. Most recently, this strategy was demonstrated by the acquisition of additional interests in the Jubilee and TEN fields offshore Ghana in 2021 and the Kodiak and Winterfell fields in the U.S. Gulf of Mexico in 2022.

Production and reserves

Total net production in the fourth quarter of 2022 averaged approximately 58,700 boepd, in line with company guidance. Total net production for the full year 2022 averaged approximately 63,600 boepd, also in line with company guidance, representing a 17% increase over full year 2021. 

At year-end 2022, Kosmos had 1P reserves of approximately 280 million barrels of oil equivalent, representing a 1P reserves to production ratio of around 12 years. 2P reserves as of year-end 2022 are approximately 550 million barrels, representing a 2P reserves-to-production ratio of over 20 years. 2P organic reserves replacement ratio was ~107%, adjusted for pre-emption in Ghana.

OVERVIEW OF OPERATIONS

Equatorial Guinea

In 2017, Kosmos expanded its position in the Gulf of Guinea by acquiring an interest in the Ceiba Field and Okume Complex production assets, offshore Equatorial Guinea. The Ceiba and Okume Fields, which our team originally discovered and managed, provide low-cost, high-margin production with several identified opportunities for resource and value upside.

In addition to the production assets, Kosmos has interests in three exploration blocks offshore Equatorial Guinea: EG-21, EG-24 and S. These blocks are adjacent to the Ceiba Field and Okume Complex, and provide exploration opportunities for near-field short-cycle tie-backs through existing infrastructure with good fiscal terms, as well as larger play extension exploration opportunities.

Production in Equatorial Guinea averaged approximately 27,700 bopd gross and 8,700 bopd net in the fourth quarter of 2022.

Ceiba Field and Okume Complex
In Equatorial Guinea, Kosmos maintain a 40.4% undivided participating interest in the Ceiba Field and Okume Complex. These offshore assets in the Gulf of Guinea provide cash flow through production with the potential to increase production through exploration opportunities with potential low cost tie-backs through the existing infrastructure. 

The shared development of the Ceiba Field and Okume Complex consists of six subsea-well clusters that feed production to the Ceiba FPSO which is shared by both fields through a system of risers. The Okume Complex includes six platforms with an export line to move Okume production to the Ceiba FPSO. 

In May 2022, Kosmos and its joint venture partners agreed with the Ministry of Mines and Hydrocarbons of Equatorial Guinea to extend the Block G petroleum contract term; harmonizing the expiration of the Ceiba Field and Okume Complex production licenses (from 2029 and 2034 respectively) to 2040. The license extensions support the next phase of investment in the licenses. 

Asam Discovery 
In October 2019, the S-5 exploration well was drilled to a total depth of 4,400 meters in Block S offshore Equatorial Guinea, encountering 39 meters of net oil pay in good-quality Santonian reservoir. The discovery was subsequently named Asam. In July 2020, an appraisal work program was approved by the government of Equatorial Guinea. The well is located within tieback range of the Ceiba FPSO and the appraisal work program is currently ongoing to establish the scale of the discovered resource and evaluate the optimum development solution. In December 2022, as part of the appraisal work program, the Asam field appraisal report was submitted to the government of Equatorial Guinea.

Ghana

Jubilee Field
Kosmos opened a significant new hydrocarbon province, the Tano Basin, with the discovery of the Jubilee Field offshore Ghana in 2007. The Jubilee Field straddles both the West Cape Three Points and Deepwater Tano blocks. Success at Jubilee was the result of the company’s identification of the overlooked Upper Cretaceous structural-stratigraphic play concept along the Transform Margin of Africa.

Kosmos served as Technical Operator for Development at Jubilee. The Jubilee Field development was designed in a phased approach to bring first production on quickly and to apply early findings to follow-on phases. First production came in late 2010, just three and a half years from the initial discovery, a record timeframe in deepwater FPSO developments.

The success at Jubilee de-risked additional opportunities, and Kosmos and its partners have made a number of additional oil and gas-condensate discoveries.

In December 2022, an interim gas sales agreement for 19 bcf (gross) was executed with the Government of Ghana, which allowed for gas to be sold at $0.50 per mmbtu. The 19 bcf is expected to be exported by the middle of 2023. The partnership is currently in discussions with the Government of Ghana regarding a future gas sales agreement covering both the Jubilee and TEN fields.

In July 2023, Kosmos, alongside its joint venture partners Tullow Oil (operator), Ghana National Petroleum Corporation and Petro SA announce the successful start-up of the Jubilee South East (JSE) project.

The partnership plans to maintain this increased level of production at Jubilee over the next few years through an ongoing infill drilling program. The partnership has identified multiple future drilling locations and is focused on high-grading these opportunities to further extend the plateau and realize the full potential of the significant Jubilee resource base.

Oil production from the Jubilee Field averaged approximately 83,600 Bopd gross (31,300 Bopd net) during 2022.

TEN Fields
The Deepwater Tano Block is adjacent to the West Cape Three Points block in the Tano Basin offshore Ghana. Kosmos entered the block to further expand their position in the basin, capturing a leading position in this Late Cretaceous play opportunity. An appraisal well of the significant Jubilee Field discovery was drilled on the Deepwater Tano block in 2007, confirming the field as a major discovery and the Tano Basin a new petroleum system.

Kosmos and partners discovered the significant Tweneboa gas-condensate accumulation in 2009, followed by the Enyenra oil field in 2010. Further drilling success resulted in the discovery of oil at the Ntomme field and oil and gas-condensate at Wawa in 2012. Initial development of the discoveries on the Deepwater Tano block focused on the Enyenra and Ntomme oil fields, using a floating production, storage and offloading (FPSO) vessel.

Production from Tweneboa, Enyenra, and Ntomme (TEN) began in 2016.

In October 2022, a second well targeting a different fairway was drilled. The well encountered approximately 5 meters of net oil pay with poorer than expected reservoir quality. Both wells have been plugged and abandoned. The partnership will continue to evaluate the full results of the two wells to high-grade and optimize the future drilling plans for TEN. 

Oil production from TEN averaged approximately 23,600 Bopd gross (5,000 Bopd net) during 2022.

US Gulf of Mexico

In the U.S. Gulf of Mexico, Kosmos maintains a portfolio of producing assets that the company  can continue to exploit, discovered resource opportunities and a high-quality inventory of infrastructure-led exploration prospects across the DeSoto Canyon, Green Canyon, Keathley Canyon, Mississippi Canyon and Walker Ridge protraction areas. Kosmos expand their inventory through the U.S. Gulf of Mexico Federal lease sales and farm-in transactions. 

U.S. Gulf of Mexico assets averaged approximately 17,400 Boepd net (~ 83% oil) from 11 fields during 2022.

Mauritania

In Mauritania and Senegal, Kosmos and its partners are developing the Greater Tortue Ahmeyim Project (GTA), an innovative offshore liquified natural gas project that has the potential to be a source of domestic energy and revenue for both countries.

Kosmos entered Mauritania in 2012 when it acquired its original acreage position. Over the next several years, Kosmos drilled four wells offshore Mauritania (Tortue-1, Marsouin-1, Ahmeyim-2, and Orca-1) with each discovering significant natural gas resources.

The wells drilled in the BirAllah block – Marsouin-1 and Orca-1 – are believed to have de-risked more than sufficient resource to support a world-scale LNG project in Mauritania. In 2022, Kosmos, its partners, and the government of Mauritania executed a new Production Sharing Contract for the BirAllah block.

The C8 and BirAllah blocks are located on the western margin of the Mauritania Salt Basin offshore Mauritania and range in water depths from 100 to 3,000 meters. These blocks are located in a proven petroleum system, with the primary targets being Cretaceous sands in structural and stratigraphic traps. 

The C8 and BirAllah blocks cover an aggregate area of approximately 735 thousand acres (gross). Kosmos have acquired approximately 580 line-kilometers of 2D seismic data and 3,000 square kilometers of 3D seismic data covering portions of their blocks in Mauritania. Based on these 2D and 3D seismic programs, the company have drilled three successful exploration wells and an appraisal well in Block C8 and what is now the BirAllah block. 

In June 2022, at the conclusion of the second exploration period, Block C12, offshore Mauritania, was relinquished.

Senegal

Kosmos entered Senegal in 2014 when it acquired its original acreage position which was adjacent to, and on trend with, their blocks in Mauritania. 

The Saint Louis Offshore Profond and Cayar Offshore Profond Blocks are located in the Senegal River Cretaceous petroleum system and range in water depth from 300 to 3,100 meters. The area is an extension of the working petroleum system in the Mauritania Salt Basin. We acquired approximately 3,700 square kilometers of 3D seismic data over these Senegal blocks in 2015 and 2016. Kosmos have drilled three successful exploration wells and two appraisal wells.

Greater Tortue Ahmeyim Development 
The Greater Tortue Ahmeyim discoveries are significant, play-opening gas discoveries for the outboard Cretaceous petroleum system and are located approximately 120 kilometers offshore Mauritania and Senegal. The Greater Tortue Ahmeyim development straddles Block C8 offshore Mauritania and Saint Louis Offshore Profond Block offshore Senegal.

Kosmos have drilled four exploration and appraisal wells within the Greater Tortue Ahmeyim development, Tortue-1, Guembeul-1, Ahmeyim-2 and Greater Tortue Ahmeyim-1 (GTA-1). The wells penetrated multiple, excellent quality gas reservoirs, including the Lower Cenomanian, Upper Cenomanian and underlying Albian. The wells successfully delineated the Ahmeyim and Guembeul gas discoveries and demonstrated reservoir continuity, as well as static pressure communication between the three wells drilled within the Lower Cenomanian reservoir. The discoveries range in water depths from approximately 2,700 meters to 2,800 meters, with total depths drilled ranging from approximately 5,100 meters to 5,250 meters.

São Tomé and Príncipe

Kosmos' acreage offshore São Tomé and Príncipe provides short-cycle exploration opportunities near the Ceiba Field and Okume Complex production assets offshore Equatorial Guinea, as well as larger play extension exploration opportunities.

LEADERSHIP / CONTACT

Andrew G. Inglis CEO, Chairman of the Board of Directors
Neal D. Shah Senior Vice President and Chief Financial Officer
Richard R. Clark Senior VP and Head of Gulf of Mexico Business Unit
Christopher Ball Senior Vice President and Chief Commercial Officer
Mike Anderson Senior Vice President, Sustainability and External Affairs
Jason E. Doughty Senior Vice President and General Counsel
Tim Nicholson Senior Vice President, Exploration
Todd Niebruegge Senior VP, Head of Mauritania-Senegal Business Unit
Joe Mensah Senior Vice President and Head of Ghana Business Unit
Tommy Fulford Senior Vice President and Head of Equatorial Guinea Business Unit

U.S. Headquarters, Kosmos Energy Ltd.
C/O Kosmos Energy LLC
8176 Park Lane, Suite 500, Dallas, Texas 75231
Tel: +1 214 445 9600   l   Fax: +1 214 363 9024

Houston, Texas
15011 Katy Freeway, Suite 700,Houston, Texas 77094
Tel: +1 281 596 0933

United Kingdom
10 Stratton Street, London W1J 8LG, United Kingdom
Tel: +44 20 3954 2830

Kosmos Energy Ghana
D’Anchor House, #12 First Osu Badu Street, West Airport Res. Area, Accra
Tel: +233 (0) 302-740888

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