[Mauritania & Senegal] Greater Tortue and Ahmeyim

Post Reply
escveritas
Site Admin
Posts: 1392
Joined: Sat Aug 29, 2020 5:40 am
Location: Singapore
Contact:
Singapore

[Mauritania & Senegal] Greater Tortue and Ahmeyim

Unread post by escveritas »

End of FLNG Gimi Force Majeure Events

01 Oct 2020

Golar LNG Limited (“Golar”) announces today that Gimi MS Corp., a subsidiary of Golar, has confirmed a revised project schedule with BP Mauritania Investments Ltd. (“BP”) for the Greater Tortue Ahmeyim project. The revised project schedule will result in the target connection date for the converted floating liquefaction natural gas vessel Gimi, previously scheduled for 2022, as set out in the Lease and Operate Agreement dated February 26, 2019 (the “Lease and Operate Agreement”), being extended by 11 months.

Gimi MS Corp. and BP have now received and given notice to each other confirming with each other the revised project schedule and that there is no FM Event ongoing, as defined in the Lease and Operate Agreement. The terms of the Lease and Operate Agreement are unchanged. The confirmation of a revised project schedule with BP and exchange of notices is expected to facilitate the conclusion of ongoing discussions with both engineering, procurement and construction contractors and lending banks regarding the adjustment of construction and financing schedules, respectively.
escveritas
Site Admin
Posts: 1392
Joined: Sat Aug 29, 2020 5:40 am
Location: Singapore
Contact:
Singapore

Re: [Mauritania & Senegal] Greater Tortue and Ahmeyim

Unread post by escveritas »

BP announces Final Investment Decision for Phase 1 of the Greater Tortue Ahmeyim LNG development

Image

BP and partners today announced that the Final Investment Decision (FID) for Phase 1 of the innovative cross-border Greater Tortue Ahmeyim development has been agreed. The decision was made following agreement between the Mauritanian and Senegalese governments and partners BP, Kosmos Energy and National Oil Companies Petrosen and SMHPM.

“Achieving sanction for the ground-breaking Greater Tortue Ahmeyim development, and at such a fast pace, is testament to the dynamic partnership working together to bring this innovative project onstream and establish a new deepwater gas value chain,” said Bernard Looney, BP’s Upstream chief executive.

“It represents the beginning of a multi-phase project that is expected to deliver LNG revenues and gas to Africa and beyond for decades to come. We see this as the start of a new chapter for Africa’s energy story and are honoured to work alongside our partners and the governments of Mauritania and Senegal.

“I would like to thank President Mohamed Ould Abdel Aziz and President Macky Sall for their leadership, without which this groundbreaking project would not have been possible. Additionally, I want to thank their respective Ministers, officials and national oil companies for their commitment to work together on this project of strategic importance. Finally, we are grateful to our partner Kosmos for discovering this world class resource and for their ongoing commitment and support.”

Tortue Phase 1

Tortue Phase 1 is the first phase of the Greater Tortue Ahmeyim project which will produce gas from an ultra-deepwater subsea system and mid-water floating production, storage and offloading (FPSO) vessel. The gas will be transferred to a floating liquefied natural gas (FLNG) facility at an innovative nearshore hub located on the Mauritania and Senegal maritime border. The FLNG facility is designed to provide circa 2.5 million tonnes of LNG per annum of nameplate capacity, with the total gas resources in the field estimated to be around 15 trillion cubic feet.

The Greater Tortue Ahmeyim project will produce gas from an ultra-deepwater subsea system and mid-water floating production, storage and offloading (FPSO) vessel, which will process the gas, removing heavier hydrocarbon components. The gas will then be transferred to a floating liquefied natural gas (FLNG) facility at an innovative nearshore hub located on the Mauritania and Senegal maritime border. The FLNG facility is designed to provide circa 2.5 million tonnes of LNG per annum on average, with the total gas resources in the field estimated to be around 15 trillion cubic feet. The project, the first major gas project to reach FID in the basin, is planned to provide LNG for global export as well as making gas available for domestic use in both Mauritania and Senegal.

Emma Delaney, BP’s regional president for West Africa, added: “We’re committed to working with the two nations to make this development a success for both countries, the local communities who live near the project and the investor partners. We see a great deal of potential in the wider basin and Phase 1 of the Greater Tortue Ahmeyim project is the first step in unlocking that for the future.”
"Achieving sanction for the ground-breaking Greater Tortue Ahmeyim development, and at such a fast pace, is testament to the dynamic partnership working together to bring this innovative project onstream and establish a new deepwater gas value chain."

Bernard Looney, BP Upstream chief executive
The parties will continue to finalise agreements and obtain final regulatory and contract approvals, following which Phase 1 of the development will move into a detailed design and construction phase, with award of engineering, procurement, construction and installation (EPCI) contracts. Project execution activities are expected to commence in 1Q 2019. First gas for the project is expected in 2022. Following a competitive process involving all partners, BP Gas Marketing has been selected as the sole buyer for the investor partners’ LNG offtake for Tortue Phase 1.
escveritas
Site Admin
Posts: 1392
Joined: Sat Aug 29, 2020 5:40 am
Location: Singapore
Contact:
Singapore

Re: [Mauritania & Senegal] Greater Tortue and Ahmeyim

Unread post by escveritas »

Kosmos Energy Announces Completion of Greater Tortue Ahmeyim FPSO Sale and Lease Back Transaction

DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”) announced today that the transaction for the sale and lease back of the Greater Tortue Ahmeyim (“GTA”) floating, production, storage, and offloading vessel (“FPSO”) has been successfully completed.

Completion of the transaction secures additional funding for Kosmos’ future development costs on the GTA project. Capital expenditures associated with the GTA project in 2021 net to Kosmos were previously estimated to be around $350 million. With the completion of the GTA FPSO sale and lease back transaction, Kosmos’ 2021 capital expenditures associated with the GTA project have been reduced to approximately $190 million, with remaining cash calls on the project for 2021 covered through the proceeds of the sale. The balance of the sale proceeds, as well as the additional savings from the transfer of remaining FPSO construction payments to BP Buyer, are expected to be largely realized in 2022.

The company expects to refinance National Oil Company loans later this year, providing approximately $100 million in additional financing for the GTA project.

FPSO Sale and Purchase Agreement (FPSO SPA) and Lease Agreement

BP, as the operator of the GTA project (BP Operator), with the consent of the GTA Unit participants and the respective States, agreed to sell the GTA FPSO (which is currently under construction by Technip Energies in China) to an affiliate of BP (BP Buyer). The FPSO will be leased back to BP Operator under a long-term lease agreement, for exclusive use in the GTA project.

BP Operator will continue to manage and supervise the construction contract with Technip Energies. Delivery of the FPSO to BP Buyer will occur after construction is complete and the FPSO has entered international waters, with the lease to BP Operator becoming effective on the same date, currently estimated to be late third quarter of 2022.

Kosmos will reimburse BP Operator for its pro rata share of cost under the lease agreement, which will be classified as an operating expense.

GTA Project Status

Key workstreams across the GTA project continue to make good progress year-to-date with the following milestones achieved:

Floating LNG vessel: The four remaining sponsons have been integrated in the final dry dock
FPSO: The living quarters have been installed
Breakwater: Seven caissons have now been transported offshore with three caissons installed
Subsea: All subsea trees have been constructed
Andrew G. Inglis, Kosmos Energy’s Chairman and Chief Executive Officer, said: “We are pleased to have successfully completed this transaction, which secures additional funding for our future development costs on the GTA project. This transaction demonstrates the strength and alignment of the GTA partnership. Kosmos, BP, the Governments of Mauritania and Senegal, and the respective national oil companies, all recognize the strategic importance of the project and are working together to bring it to fruition.”

About Kosmos Energy
Post Reply

Return to “Field Development”

Who is online

Users browsing this forum: No registered users and 1 guest