Operator BP and partner Kosmos hatched plans for a scaled-back 2.5mn t/y Phase-2 expansion of the Mauritania/Senegal Tortue LNG project last year when LNG markets and prices were heavily depressed (MEES, 12 November). With the LNG market having since taken a major upswing, Kosmos is now in bullish mood about the potential for marketing these Phase-2 volumes.
For Tortue Phase-1, cash-strapped Kosmos was in no position to dictate terms – it needed a guaranteed offtake deal to secure financing for its share of the project and agreed for partner BP to purchase all volumes “at a slope of around 10% to Brent… around $8/mn BTU at current oil prices,” Kosmos CEO Andy Inglis revealed on his firm’s 8 November Q3 earnings call. (CONTINUED - 393 WORDS)
