Kosmos Energy has cut an additional USD75 million from its budget for 2020 as its Greater Tortue Ahmeyim LNG project in Mauritania and Senegal is delayed due to the coronavirus pandemic.
The current total capital expenditure target for this year is now USD200-225 million.
Activities affected by the budget cut in the Greater Tortue Ahmeyim project include the construction of the breakwater during the 2020 weather window. The Phase 1 project timeline, which is now 30% complete, is likely to be postponed by 12 months and its first gas production expected in the first six months of 2023.
Previously, the company cut 30% of its base production capital of this year to below USD250 million from the previous USD325-375 million.
Kosmos is now coordinating with BP, the operator of the Greater Tortue Ahmeyim project, to fix a revised budget for this year aiming to maintain the project economics and prolong the carry of its capital obligations to the end of 2020.
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Published on April 9, 2020 7:20 PM (GMT+8)Last Updated on April 9, 2020 7:20 PM (GMT+8)
