Tortue 2.0 As Kosmos Touts Cut-Price 5mn t/y Development

13 Nov 2020 Issue: 63 / 46 By: James Cockayne

After a failed attempt to sell a stake in the flagship 10mn t/y LNG project on the Mauritania/Senegal maritime border, Kosmos is now looking to make a virtue of its retained stake. But there’s a catch – a slimmed-down cut-price 5mn t/y project.

US independent Kosmos Energy has given up on attempts to sell down its 27% stake in the 15tcf Tortue LNG project on the Mauritania-Senegal maritime border. BP is operator with 56%; the two countries’ state firms hold the remaining 17%.

Kosmos, looking to retain its E&P focus, put the stake up for sale in early 2019 (MEES, 1 March 2019) just two months after the 2.5mn t/y Phase-1 FID (MEES, 4 January 2019). It has since been highly flexible on the size of the stake for sale, as well as on whether it would sell part or all of its similar-size stake in two other envisaged Mauritania/Senegal hub LNG developments (MEES, 28 February). But, despite maximum flexibility, and continuing to talk up the various sales options until recently (MEES, 4 January 2019), the firm has now thrown in the towel. (CONTINUED - 2537 WORDS)