Texas-based E&P midcap Kosmos on 17 March announced a planned 30% cut to 2020 capex as it struggles to adapt to the bottom falling out of the oil and gas markets. As well as slashing exploration spending in the US Gulf of Mexico, Kosmos hopes to persuade operator BP to push back 2.5mn t/y Phase-1 development of the Tortue LNG project on the Mauritania/Senegal maritime border.
It also hopes to push back FID, and with it significant spending, on the subsequent two development phases which would take total Tortue capacity to 10mn t/y. (CONTINUED - 832 WORDS)
