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UPDATE 1-Kosmos to invest $400 mln in Ghana oil development in 2013
May 7, 2013 / 1:21 PM / 4 years ago

UPDATE 1-Kosmos to invest $400 mln in Ghana oil development in 2013

ACCRA, May 7 (Reuters) - 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 capital.

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.

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