KOS - Earnings call transcript Q3 2024

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Operator

Good day, everyone, and welcome to Kosmos Energy Third Quarter 2024 Conference Call.

As a reminder, today's call is being recorded.

At this time, let me turn the call over to Jamie Buckland, Vice President, Investor Relations at Kosmos Energy.

Jamie Buckland

Thank you, operator, and thanks to everyone for joining us today. This morning, we issued our third quarter 2024 earnings release. slide Investors accompany page the available call and the on of release presentation today's to are This our website.

the Inglis, and on materials me call go to Joining through are Andy Shah, Chairman Neal CEO; and CFO. today the

our our forward-looking Please we During that report, our details. presentation note annual Actual and in refer expectations. refer materially differ in statements outcomes today's this and will available could announcement plans U.K. due exchange to filings. for we documents results presentation, These to and on make SEC estimates, website. to our stock and factors more are

this the At call Andy. turn I'll over time, to

Andrew Inglis

today's touching and to and the joining Jamie, for then results business we our financial good morning Thank start at hand I'll objectives We'll over at everyone. on Neal look quarter resilience look across us by more where up. the forward year few CapEx for the ahead to operational wrap the to completed afternoon for call Thanks, enhanced we'll will have call looking the the momentum we key today during I for you built before months. then plans XXXX, open the third quarter. last of and I'll Neal some our in discuss then the numbers to call. Q&A. in detail, financial

ago, years of barrels to day. target barrels our X. per grow XX% said around Slide equivalent oil of XX,XXX we per from equivalent by on around X day Starting oil XX,XXX production to

in is Guinea, well. this and of which later Winterfell month. Mexico, October in achieved quarter, slide at production X underway In that making Gulf online As the first both and wells of goal. drilling enhancement campaign X we highlights, Job, and projects progress performing In one second online the towards first third completed of Kodiak expected with Odd we're Equitorial this production at good the are the the

imminently well year-end. Akeng expect Deep We with ILX by the Spud to results

In project Senegal, finished partnership drilling that made are the midyear schedule In more good XXXX. with the the has nearing the progress I'll now shortly. and talk optimizing over activity months, for the we campaign that Mauritania start-up. Ghana, X-year last X now about

finance done enhance to the the this in side, liquidity resilience structure. by go enhancing lot the into a later simplifying company more these maturities, On on we've the extending year detail Neal the of financial and will points presentation. capital

So achieving in summary, goals. our we're towards progress making good year-end

growth will rises, allocation year-on-year. disciplined remain As a CapEx on production capital significantly with to focused reduce we plan

we the shareholders. cash look to we the ahead company to free XXXX, plan flow prioritize enhance our to As value of for

barrels uptime at This high the and whilst was of replace more supplying day. result Turning or injection XX,XXX looks at Gross pressure lower-than-planned now XX%, a oil quarter under in was target. injected year-to-date to XXX% in was XX,XXX generator production replacement approximately fluids produced barrels with FPSO water X, maintain below voidage the the of XX% which the just of production uptime of to remained to pumps. oil detail. the power quarter day water per Slide Jubilee the per reservoir around of

levels achieve I now been from which critical water barrels has injection to of injection As of should in performance per it's to previous Water XXX,XXX maximum replacement volume quarters forward. XXX%. sustain levels field, get day, around of in the voidage at discussed water excess enhance that restored going to record replacement

lower day, gross we the which downtime gas oil of planned of onshore quarter-on-quarter, was equivalent last quarter per production barrels the averaged plant Third gas reflecting planned XX,XXX processing quarter.

cycle latest almost this for and field of seismic well results first survey reservoir our in field. fluid has the It missed XX X should phases of be further of understanding starting The movements, a techniques will partnership that the over the The partnership a the significantly and next enhancing XXXX. contracted the the survey the high-grade help quarter, a COVID. utilize During early XX Jubilee world-class during locations the years conducted the having of drilling. new generate image the improved processing survey should will

TEN, campaign drilling the production gross to gross FPSO well performing per with Guinea, slightly XX%. field online, Equatorial first increasing day. uptime barrels XX,XXX today. of The averaged XX,XXX ahead around around in barrels barrels high production around the oil remains In On is oil XX,XXX per quarter of Infill the day gross the underway of production of is XX,XXX year-to-date. and of with expectations oil oil for

The These net to month. end. day of is should Kosmos second barrels per combined wells around this well infill year X oil expected add by online X,XXX later

capacity Following hurricane the the in with active the equivalent Infill net oil despite the to drilling. Winterfell wells successfully per we reservoir Spud south. also Kosmos It early two XQ, ILX barrel the the imminently in oil October. the extension to followed a Deep of July, early third phase main in barrels equivalent saw ahead In confirmed by we XX,XXX Gulf wells, X quarter Winterfell confirmed Mexico, startup We an production gross of the the from of project day well Akeng online of season. first expect result of production year-end. XX,XXX the of expectations with these at of the In U.S. by was

produced third the evaluating per well. currently options which gross well, senior sand curtailed However, and the remediate the barrels to to shortly oil well X restart for production the around production third was with due to equivalent the We're the third XX,XXX they're day after facility. production the operator field from production working wells, of of start collectively of first

around has enhancement Mexico with increased of Job, Current operated XX% to our Tiberius, expectations cash Occi of the we quarter, defer per barrels in ahead equivalent also On half of completed to which we Kosmos both oil second of successful than Kodiak workover Odd generation and prioritize X and production XXXX performing XXXX. first to production are half the important the U.S. of operator, year. by partner line Kosmos where projects project, the next the sanctions of XX-XX subsea ILX In a day, higher of in of the to our are pump agreed XX,XXX approximately with project and startup in Gulf is with expectations.

continue to levels field We good progress farm down and the have the of interest.

provide to now will X, Turning which Slide GTA. update an on

the earnings been the week, As operator cargo streams terminal. noted the commence been brought progress cooldown for on the to during alongside the commissioning good last the all quarter. LNG work carrier LNG across An accelerate process their from has made LNG LNG and floating has major in trains. berthed vessel currently introduced is of carrier the and the the being tank hub is the into call

with slide FPSO to the carrier ready presentation front this on quarter, is at The be terminal. After hub last on to first cover shortly contracted the from to image show expected Technip to operations handover the from field of following mechanically subsea the the successful flow and the up start which startup. The will morning FPSO BP a the enable operations. is gas Energies complete, infrastructure

the recognize we LNG which end the to production. expected quarter, of First is start when is around

event the the financials. last of you an hand and over now X Neal months in startup, to it summary, over towards Mauritania. Senegal significant So through important of the GTA I'll people to progress partnership and project take

Neal Shah

Thanks, Andy.

in of in detail. more Slide barrels the equivalent third bottom the Production at quarter range, versus of and around planned to quarter X% but months lower slightly earlier. was which X, turning XX,XXX reflecting coming This of our Guinea later Gulf the the production. that than prior towards the Now for initially guidance looks offset higher quarter the oil online Mexico first production infill up Andy X end well was of partially in the Equatorial Jubilee mentioned by

XQ. $XXX reduction in $XXX be This the EG a quarters where from for CapEx around expected, lower-than-anticipated and and Equatorial million X with expect largely higher-than-forecasted XXXX. were line was in to better, Ghana we be XQ, above significant CapEx in X We helped as to slightly campaign the in guide range, cargoes in in in guidance the slightly Guinea. a on XXXX costs quarterly with good to the on previous million result quarter. by were around came volumes guidance expect for Costs now a year. CapEx of spend which in with OpEx equates drilling in Ghana Sales

the quarter, the reflecting Finally, third capital in benefit mentioned delivered completion with the working as in from movement last quarter, for across capital first XQ. the payments This projects year largely reversed working we associated cash outflow responsible portfolio. the half of the was

X. to Turning Slide

XXXX $XXX completed resilience the notes the of million maturities, progress majority successfully also free maturities would XXXX XXXX. notes outstanding we September, new of issue, senior with of made head anticipate significant at while the tender reducing as we flow notes a that $XXX outstanding XXXX. into During of to only XXXX multiple to enhance the of due the down XXXX, notes the due is paying across business. a offers repurchase senior and we new The we amounts in these small and no transactions million we have paying in financial the series company stub XXXX of Alongside which issued our X.XX%. result we our of our cash In quarter, from

simplifying also facility X of size our Also increasing billion. ahead canceled revolving capital undrawn structure. banks Post maturity, to of its commitments facility new the added to $X.XX our the credit quarter, we syndicate, the end, during we year-end total RBL quarter our

In approximately XXXX first protection price hedged addition, of We half we XX% continue barrel. have manage with of future program. currently around volatility through oil production our hedging rolling actively to per our $XX downside of

year our for as providing through continue hedges the end to our potentially flow from cash XXXX. We prices XXXX solid layering oil expect hedges roll in this volatile to in of off, more XXXX protection

X. Slide to Moving

CapEx as $XXX good delivered, down material expect XXXX. a expected previously, with we in mentioned XQ. to of million expect be This we level a As of CapEx is step around quarterly where in are to representation products in see

cash Winterfell will of Equatorial is As the on drilling from infill flow this to mitigate plan low the earlier, we Guinea about Andy anticipate next online. on to GTA free and maintenance year's and decline focus to Jubilee we high-graded and our very prioritize in benefit therefore, have, program, capital drilling project at capital year maintenance talked and Gulf once Mexico. Ghana

of key capital our be appendix allocating different projects in The and growth spread in pipeline growth growth in what company. to options to spend across needed our options, is remains only both preserve of listed deep differentiator which ensuring consist will oil a units. our high-quality opportunities for we disciplined gas We the XXXX, business

Importantly, such Deep, conclude I'll that, With and had hand these which greater over are gives Akeng on to Andy than many both the back spend as it pace Yakaar-Teranga us past. presentation. control Tiberius, we've and much Kosmos in of operated, projects today's to

Andrew Inglis

Thanks, Neal.

so per lot XX,XXX come the far XXXX a of Turning our with target as achieved close up of Slide we in now year. now to and ramping day barrels project new is oil approximately equivalent Production of to the start more of X. end the around We've a towards out year.

to said then we should continue As and disciplined on we for for of allow leverage. And us slide, operator Neal the reduce to cash high-quality to pay I'd in and call at greater portfolio this allocation, provides down With through optionality turn opportunities CapEx degree we sharply the quarter, prioritize growth and debt flow capital over much XXXX. you, the oil delivery its differentiated with expect the session to free like plan level investment a fourth Thank and open XXXX, previous to our fall gas lower projects in future finally, now questions. with to operated the the control. significant

Operator

We Instructions] will question-and-answer conducting from [Operator first Charles is question a now with session. Meade Rice. Johnson Our be

Charles Meade

wasn't the related that perhaps question guideline. Tiberius is necessarily back given it wasn't But of a the to year? half projects. a recognize talk moved the and What of outlook CapEx a of of roster you a XXX the about kind the roster ask maybe was, delta or moving and that to to of sliding can I how of out it much about pieces? want I a as I specific of specific you 'XX that, had changes took XXXX indication there. Andy, XXX more It

Andrew Inglis

it's Yes. maybe to around was more Thanks, you're in average the The guideline. forward forward. to and Charles. base of And growth Yes, we XXX on a around look, going going characterized XXX as saying XXX right. XXX in XXX it

year. that base. 'XX, as ensuring cash we our XXX the in delivery is we focus sufficient towards the next on as look the remarks, put we CapEx free So therefore, said CapEx flow And into is

in the maintenance drilling additional we We maintenance EG, in restart Jubilee. In got because had CapEx 'XX. in of have infill GTA lot the Winterfell there's have of capital. And Gulf sufficient Mexico program and the drilling Ghana a well this than projects little we've We've of program in with capacity. a there's in more X wells, not

And the is where remover identified, are base is which the maintain going is to that's you've spend then CapEx. down So The Tiberius. the one growth the we thinning prime base. that

So the essentially, still the that timing. -- project slides by around It's is about We're under there. our year. a Occi It's aligned with operatorship. obviously

So little bit then got keeping you've a of ticking that's growth the primary over. And just delta. CapEx, additional everything

So the other not the about shift simply in is growth this of options, the a course, actually that terms growth year of it's that we're about deferring timing. damaging from message any probably in a CapEx, Tiberius in of

Charles Meade

are this bit to a on would I about to the from 'XX shoot, for to get seismic the it's you maybe capacity. -- priorities confirm about And of detail. imagine just program? whatever it. your that I Got obviously, FPSO that you and to the 'XX not from be 'XX -- mean helpful up But I enough trying you're little the goals that talk your if drilling, Jubilee have learn there? what XD time -- then wonder could you drilling, the more to to but drilling talk going inform going That's

Andrew Inglis

It's lot actually Charles. started believe remarked, we on get the And actually impact moved the phase -- both of you get -- haven't have drilling Jubilee, processing not the has on terms that so a and of to it's is we've But quality streamer. actual big it's going Well, the earlier, -- timeliness a massively. of of a the the sort tow techniques, Yes. clearly, what acquisition yes. And in I line you XX of the it, product that. next think the I as

challenge but earlier manage fully that So we the incorporating when start have we a we the a of to do learning. start, sort we're we that how better, ensure

of that couple a impact. to are is there XX we going not Now the big know wells have a where

that that you sort have start the of wells we XD perspective. are in So secure additional information of feather the to that you get seismic. couple a And from then from

the taking of balance the by of not a you're just the infill do in way, seismic, right it's of So too advantage getting where long waiting but impact how full you the ensure diminishing program. you're

balance that the right gotten now. we've think I So of

Operator

with question Research. is Our next Bernstein Brakett from Bob

Bob Brackett

know one I you had follow a by question somewhat are I'll capital for around year-end, around I implications around for on success Akeng the Deep something Tiberius Akeng Deep guided up And that and we'll related, case XXXX? then with think to. What are Tiberius.

Andrew Inglis

Yes, the existing use important enables Deep up wells. it the an well opens new infrastructure, that Bob. Look, play I is tie whole a because you're back Akeng right, it's to think us ILX, well

'XX at with think Akeng I at look won't you success rush when we the in Deep, it.

that I Equatorial we across high do that make to sure is the think what want exist right opportunities Guinea. grading we're

There's can [indiscernible]. success in. Akeng have a of bring of deeper you Deep, you program target an those infill had in that we've more With So wells.

actually So that And impacting actually and an I Akeng before high-grading we it be capital we're say will Deep. versus forward Equitorial it would when 'XX infill [indiscernible] 'XX debating for actually, about see Guinea. planned well in the

a big good not right? in blocks rush. that out we you the So beyond leases the to in remember all news Now extended is, we're if XXXX, the

finished opportunity go We get finished So drill I'm as first that well rig drilled excited speak literally the this [indiscernible]. I hydrating the is -- second we I'm just we of Akeng we to think -- is on one Deep. the about set. the the moving ensuring and right on we've because [indiscernible].The actually

we're we infill quite now. the future with create of program, lot optionality of infill some the choices going to success around have the between success, a will make, think, that think And I to I program.

impact 'XX, So 'XX. rather that's going to really Bob, than

Bob Brackett

Very Tiberius. And well that clear. my almost into on question ties

there's forward? down. to less we've you Given them greater the desire FID the it does more I And working talked a have potentially greater your would XH FID the retain a interest, working go interest? Or if keep which 'XX the to comes farm at farm look the in you past, about late, gives if interest, to know then time

Andrew Inglis

And some even the like prioritizing, changed. forward our I lot. it I options. growth a at Look, move This have we pace nothing of about which we this, think, debated is has on

So I think this is not liking about it. not

I we level, think believe for it's us. working around XX% the probably interest right

I thing through clearly process right think partner And do. we're Occi same going the a the is place, is bringing that now. in about to

And -- good alignment development can see So going to plan, the there's create We that want we on run, alignment changes we'll forward. intent. let a now I don't it process which ensure it's Bob. think we prospect. ultimately, the our

to so it's ourselves with And an a Occi-operated is very tied clear platform, back project.

process plan, the working pharma I speak. no as So we change simply deferral and think of is

Operator

next Our is Smith America. Matt of from question Bank with

Matthew Smith

of the A be expectation? of of first that couple you can -- you the you What just I to the of of just also that of So that cargoes, start implications do with to there start with stone sort And but commissioning referred then the process questions And with remind you have believe really, the expect remind and from Or sort during around us that before? commissioning commercial from on BP? you is could if arrangement production first. your sort us really I me. that I'll could. Tortue X-month I'll for stage? perhaps, exposures the an -- a just and period is setting FLNG would

Andrew Inglis

Okay. Right.

the the from LNG allows of we're of to carrier FLNG process gas and process vessel, the in bringing end the the at then process in themselves. to trains FLNG So the cargo. key starting It enable the cool and commissioning -- first compressors accelerating coming the us the by actually in us of the us allows that with process compressors terms spin to run the down tanks. That the front

So that through the we're that's allows at LNG. moment. And us the going gas then start from FPSO essentially very the making process we to quickly introduce when

And when actually the So production. we that's that's process. recognize

that terms part I Golar about is meeting the as meet agreements the finalization have them yes. X-month do think the with they talking contracts, you're that of criteria the all that associated program of in the actually with to we to their arrangements with have of of contractual

separate comes gas. those to there FLNG start from the and physical I revenue, I than our of through the and start of we with what I'm the soon nothing as as shorter think of BP exporting think arrangements sort production sort which And would for putting actual process you going the gas so LNG So to you out is of it. Yes, from representation the production gas have terms be is gas sell the producing explaining revenue and of of of recognition the sort the described. to introduction lot changes, and the lift marketing the gas a they then in

Matthew Smith

agreement a commissioning the commercial to have on during Just market am BP, I tied with with that be Is free your frame. that cargoes correct? the time thinking you you'll that whether right X-month the process have follow-up. in that that's you to sell commercial Was i.e., Golar spot

Andrew Inglis

the No. No. BP will lift cargoes.

market be selling wouldn't time on the that we So in anything period. spot

Neal Shah

as base MVP There's option of there's in it's a the long-term contract reference as commissioning. or essentially, in but under terms on pricing a the go case Matt, same sort an long-term There's where off-brand slightly frame. the potentially, different

Andrew Inglis

and that X-month really the of okay? Brent, long-term the versus in the NBP period between a that's about price a market then So only Yes, -- and price X-month versus period. that there's that X-month period, precise in market difference only sort there's period,

Operator

Mark Our next Jefferies. with is from question Wilson

Mark Wilson

on a U.S. just point Mexico. clarification of question, Gulf First the

That's that barrels oil include those question. at just current a wondered, you're You production XX,XXX the to say level that restart? of Wintersell day. wells I first is is X level current looking

Andrew Inglis

Mark, without XX,XXX around It's those, yes.

production really over doing than better pump on work the we Odd thought. Job -- the subsea being Kodiak we So better we're the we benefited and thought than from

it's ahead So that we're would XX,XXX barrel in day, around slightly been. a essence, Mark. have we But of where

Mark Wilson

then those And X these higher next so to the same even than thing current is those expect through to sorted, X levels be 'XX? that Okay. and be year, provided slightly Very good. or wells maintain you'd able

Andrew Inglis

Mark. rather is Yes, Yes, doing couple be we than slightly clearly, building production slightly down. good. there we than a Yes. better We're production it And which exactly. forecast, projects the of benefited enhancement higher, again, going from

So adding the is base in Winterfell. the sense stronger and then a you're wells from

Mark Wilson

Okay.

lower target could and you'd the to a you'd with spoken Could CapEx, 'XX or point at? aim on down. where be a I focus is into get the to leverage ask, leverage to then getting look there buyback or something you've as So shareholder returns a already,

Jamie Buckland

to I'll it Neal. turn over Yes.

Neal Shah

Yes. beyond which clearly very leverage think to We're keeping look down Thanks, Mark. that get views once an X.Xx. we shareholder table. than Yes, getting then less is focused our X.Xx, of I And we'll sort we're returns, the at don't change. much that on on option

that but from I cash cash debt that down pay point. using and said, -- I prioritizing like to accelerate so think around be our flow 'XX And flow, perspective, free will

I jump, pathway still don't get will minds, on there. in think to the much it and very it's our but still we're So

Mark Wilson

good. And then Okay. final question. Very

of final first gas taken final Could please? XQ that you the to that the getting FLNG gas, the So to the accelerate Tortue. What seem that steps crept through be need are and speak vessel first the vessels has you've at steps asked just FLNG that. about or the FPSO commissioning get carrier to to time into for

Andrew Inglis

good Yes, no, Mark. point,

the bit I they The perform the FPSO a vessels. important little color, chain think -- part Energies has contract where and think Technip is close. I the commissioning to the of just clearly -- an actually of of a we're add

the commissioning BP is watch work and then next under is Technip's the ongoing it over operations. they're step The vessel. the hand to all moment So at is

point, energize -- you of where of ops control BP it as then the their undertake control can introduce world a work, that's So work. it system, the Under into under sort from of then of gas. -- take their Energies operations. At to moves allows to that the which the the then you sort who Technip subsea project goes big ops will undertake

performed when I in indication think milestone And work, startup we're that's close then an to it's process allow offshore, the done work clearly, to of gone very sort which the as handed ready punch is we the Technip Technip which we're that not I amount think that Energies of items signals the gets of think, those final finish that terms supporting for be to is actually important that few departed. be flotel need already all was that that's occur. And go down have defining now criteria punch was to work that that journey, very has and remaining that Flotel you, it maybe list list I doing over. much. the is an items to

Operator

Mehta from Goldman is Neil question with next Sachs. Our

Neil Mehta

the your any targeting? So then of XX,XXX next When think the years get you couple volume do Tortue volume the guess I there? a in as there is there day GTA on And barrels you first Is from assumption in just equivalent. QX question about from you for in guide. think contribution

Andrew Inglis

Yes.

So X-part Neil. sort question, of

a forward, you production about in maintaining level. now. obviously the sort start think of going company, to Sort if focus of sort It's on heavily invested grow think, the of it's 'XX, to I the that about

of low maintenance As CapEx question, GTA. I the is discussed prior sort a in on

There's little go. You've built the CapEx wells. to very

the probably Winterfell growth into got with Mark of you GTA of amount of X sort in and question, that that. there. small sort a alluded a production Gulf you Mexico, curve with as flat of So X, his production to we goes from have The

relatively and I again about think to sort see which we'll Jubilee, back sort Equitorial a increase. and flat. And then of is therefore, to maintaining Guinea of drilling flat then in starting

'XX, 'XX then the CapEx cycle with think at seeing 'XX now. maintaining. through the of in it's won't of the aimed 'XX start I And but see So about you Tiberius base, you growth until into impact back if then you the projects, 'XX, look beyond,

relatively in -- seeing I So flat growth 'XX. and then you're some think post

And it. said the in we're -- level base in I'd ensure it And fourth clearly, the way the production we that's -- to So prioritizing about the look, investment I in guidance a robust. Yes. There's in think the of that flowing the think keep in then quarter recognized We year. Production the FLNG is end 'XX. goes actually FPSO that. get -- into it gas very vessel. of around we GTA of from when amount the when small the

year. of we've around So that's said the the end

can you there, assume there's small amount a contribution. a small gas of So

Neil Mehta

Perfect.

That's that cost very you helpful. pro forma the per what about going then think for your Okay. the in for barrel change consolidated you assumption to this do XXXX think Just is you for the And recommend is GTA project as how XXXX? LOE company structure?

Andrew Inglis

do Neal, Yes, you take want to that up?

Neal Shah

about the Yes. OpEx -- in the going it's Mcf We million and There's around basis it and And sort on a of Mcf sort be on quarter But increasing sense, business. said the the the $XX for oil gas between we a about think business, a think number the basis. say, and -- meaningful of per normalized gas is rate recurring of upstream LOE business. per this a normalized side it don't there's, easier I of I'd there. the of expect things BOE a side the FLNG costs. on on quarter. the of when toll on per on you to for gas sort when see again, the for change then side, again, $X that in includes But million the We've to $XX been the run

we're in refinancing I you then, in recall, think and -- we working the and minus, for get we'll it's into again, also -- that. terms there's BP of XXXX, or of that So range. And plus sold this to 'XX FPSO guidance in around if in on but the February,

OpEx well. that's as in So currently

a there's associated piece refinanced get we that so down And that, that money come year. next will as little with

Operator

Stella with from [Operator next Instructions] Barclays. Cridge question Our is

Stella Cridge

follow you I on don't If up could mind, the just previous question. if

in In this in talk Tortue, one-off would what absolute just in OpEx gross terms this quarterly some for for terms terms be dollar just of XXXX? are and dollar these of QX the could of items, much you about how OpEx

Andrew Inglis

you if can up? Neal, that pick

Neal Shah

Yes.

to back sort moving remember don't QX some get I are number. us there in because of parts offhand, Let that exactly you,

So breakdown on terms you in sorry, QX we'll on get back that number. of to the that exact

Andrew Inglis

Stella, QX the said, number precommissioning is I What that cargo. includes the

So on. it with in includes bringing the and expense the carrier associated so

associated pre-commissioning got team do the a now costs that. Energies. go have some from the with And process they with as item through handover you've BP you of then So associated Technip the one-off

that obviously, the production of All of occurs, going forward. ahead

basically per running $X and items. X X are the talked then So those Mcf Obviously, production is once it number that the the about. big into -- Neal items normalizes

So the give at simplest around exact for into back around an breakdown, spend as We production, $X you those then OpEx that's probably the is lease can $X come items. you Mcf production but about look for and to way cost. it. of X get then as soon you're ahead the the and And

Stella Cridge

talk bit Okay. just before? That's you about refinancing Just of the about this exactly? little talked you leaseback by a more that fantastic. And do you that could what mean

Andrew Inglis

Neal? Yes,

Neal Shah

Yes.

permanent solution then just gas then we'd It leased post look around BP in we the we always sort so first in the FPSO. partnership. XXXX, -- to so permanent project, the back FPSO to was so put when envisioned in -- a it's financing So or sold for the of

at And the what working on BP so we're with collaboratively that's moment.

are on see the that will we're And down in come which line OpEx OpEx if not end pretty the doing we it's we -- of lease up what in starting the on either in -- we amount so today, working terms depending substantially. it's FPSO to refinancing, the seeing

Stella Cridge

the any the that And for I'm aware during first your don't if up, about election something. in taxes. if Yakaar-Teranga, thing. and also air, good. a the outlook side the regarding there mean, Okay. election so your X is some but final In mentions I you there we you've that would coming discussions update business I may of heard Senegal, be on things there's in with comments country ask second be just mind on authorities had any the That's

Andrew Inglis

since X new months come Look, has it's over now in. the actually administration

which been of administration. process the of lengthened a go new in month. election result later And a as the power. the of within been them has that process the putting party they're parliament, of So sort a positions There's to in is this key the decision to people

work little. closely I'd haven't progress of operating And business. it in hasn't Ministry the very any really of NSC conversations with really Yakaar-Teranga continued growth our impact around would there we the as of GTA first So the down, months X the Energy PETROSEN. I that's a journey, continue and We've and of -- to we sort say had sort it in slowed get into CapEx. has you for the to terms seen say partly, daily of on

of and power clear got handling important you're which new sort within new important the really sort therefore, see are PETROSEN. creating that picking revenue can sort They've wells And to a within ministry got It's that the plan. in oil government of new national year, is it's in in new They've that that's security resource, replaces also a project creates that sort moving of And natural, to of important the that but for of an low-cost beginning It their about of going energy, you're an My it the those And an ultimately, people consumed stream for gas end is power. supply, gas lower cost a later. development of of export. of coming probably being creating combination, terms conversations. of domestic it the source currently a few all of sense enables following of year. slightly You country. people they're also in, creating up.

an it's important project. So

are But things the longer take to of just nothing a bind complicated you the election. at with as to message national go focus think because slightly I really the I So primary that think the decision, our power important if it, moment. ongoing further transition of But of on take out has are obviously speak. GTA, and the then conversations to just which we is like, going impacted work

Operator

a to no close. Since joining today. Thanks I everyone for call bring to would there this like are further questions time, at the to

You may disconnect your this time, at thank participation. and you lines your for

Kosmos Energy (KOS) 4 Nov 242024 Q3 Earnings call transcript