Oil and gas explorer Kosmos Energy expects to have agreed by the end of this year to sell down its stake in projects off the coast of Mauritania and Senegal in which it partners with BP, Kosmos said Aug. 5.
In December, BP and its partners gave the green light for the development of the large Greater Tortue Ahmeyim gas project off the coast of Mauritania and Senegal, a first for the two West African nations.
Kosmos has a 30% stake in Senegal and 28% in Mauritania. In May, the company said it had received interest in the projects leading to a formal process to reduce its interest.
The Tortue floating LNG facility will produce 2.5 million tonnes of LNG per year. The field holds total gas resources estimated at about 15 trillion cubic feet.
“The previously announced process to sell down Kosmos’ interest in the broader Mauritania/Senegal region to 10% is ongoing and is targeting a transaction announcement by year end,” Kosmos said reporting half-year results.
The company also said it expects to generate substantial free cash flow in 2018, allowing it to initiate a dividend in the first-quarter of 2019.
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