Kosmos Energy Welcomes Approval of Inter-Governmental Cooperation Agreement Between Mauritania and Senegal
Wednesday 14 February 2018
Kosmos Energy confirmed today that the governments of Mauritania and Senegal have signed an Inter-Governmental Cooperation Agreement (ICA) which enables the development of the cross-border Tortue natural gas field to continue moving forward. With this agreement in place, Kosmos expects a final investment decision (FID) for the Greater Tortue project around the end of 2018 and is aiming for first gas in 2021. Minister of Energy, Petroleum and Mines Mohamed Abdel Vetah of the Islamic Republic of Mauritania and Minister of Petroleum and Energy Mansour Elimane Kane of the Republic of Senegal signed the agreement in a joint meeting during the Presidential Summit held in Nouakchott, Mauritania on February 9, 2018.
The ICA is informed by industry best practice for the development of cross-border resources, based on the landmark Frigg Agreement of 1976 between the United Kingdom and Norway. The agreement between Mauritania and Senegal provides for development of the Tortue field through cross-border unitization, with a 50%-50% initial split of resources and revenues, and a mechanism for future equity redeterminations based on actual production and other technical data.