ACCRA May 7 Kosmos Energy will invest
$400 million in its Ghana operations in 2013 as part of its
commitments to the West African nation's Jubilee oil field and
other projects, the firm's CEO said on Tuesday.
"This covers our commitment to the rest of the Jubilee
development and also the new Tweneboa, Enyera and Ntomme fields
(TEN) project," Brian Maxted told journalists in the Ghanaian
The New York-listed firm holds a 24.1 percent stake in
Ghana's Jubilee field which started pumping oil in December 2010
and has hit production of between 110,000 and 115,000 barrels a
day over the last 3 months. Kosmos owns 19 percent of the TEN
project which is expected pump its first oil in 2016.
Speaking on the sidelines of the inauguration of the
company's new office building in Accra, Maxted said the budget
would also go towards the funding of the firm's Mahogany, Teak
and Akasa oil fields project.
Kosmos Energy's commercial manager Philip Liverpool told
Reuters the company had suspended plans to list on the Ghana
Stock Exchange indefinitely. The firm had announced in 2011 it
would list on the bourse to raise $50 million.