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Kosmos Energy is an American
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oil company founded and based in
Dallas Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 ...
, Texas. While previously incorporated in
Bermuda ) , anthem = "God Save the King" , song_type = National song , song = "Hail to Bermuda" , image_map = , map_caption = , image_map2 = , mapsize2 = , map_caption2 = , subdivision_type = Sovereign state , subdivision_name = , es ...
, Kosmos has reincorporated in
Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...
. The company holds production and development operations offshore
Ghana Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...
, Equatorial Guinea, and
Gulf of Mexico The Gulf of Mexico ( es, Golfo de México) is an ocean basin and a marginal sea of the Atlantic Ocean, largely surrounded by the North American continent. It is bounded on the northeast, north and northwest by the Gulf Coast of the United ...
, while holding a development project offshore Mauritania and
Senegal Senegal,; Wolof: ''Senegaal''; Pulaar: 𞤅𞤫𞤲𞤫𞤺𞤢𞥄𞤤𞤭 (Senegaali); Arabic: السنغال ''As-Sinighal'') officially the Republic of Senegal,; Wolof: ''Réewum Senegaal''; Pulaar : 𞤈𞤫𞤲𞤣𞤢𞥄𞤲𞤣𞤭 ...
, and exploration licenses offshore
Namibia Namibia (, ), officially the Republic of Namibia, is a country in Southern Africa. Its western border is the Atlantic Ocean. It shares land borders with Zambia and Angola to the north, Botswana to the east and South Africa to the south and ea ...
, São Tomé and Príncipe and Suriname. It was previously involved in exploration offshore
Morocco Morocco (),, ) officially the Kingdom of Morocco, is the westernmost country in the Maghreb region of North Africa. It overlooks the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria t ...
and
Western Sahara Western Sahara ( '; ; ) is a disputed territory on the northwest coast and in the Maghreb region of North and West Africa. About 20% of the territory is controlled by the self-proclaimed Sahrawi Arab Democratic Republic (SADR), while the ...
. It discovered the Jubilee oil field off the coast of Ghana and the cross-border Tortue gas field offshore Mauritania and Senegal. Kosmos was the focus of a documentary '' Big Men'' that followed the company as it worked to establish the Jubilee oil field in Ghana.


History

Kosmos Energy was established in 2003 by founding partners James C. Musselman, Brian F. Maxted, W. Greg Dunlevy, and Paul Dailly. Initial backing came from American private equity firms
Warburg Pincus Warburg Pincus LLC is a global private equity firm, headquartered in New York, with offices in the United States, Europe, Brazil, China, Southeast Asia and India. Warburg has been a private equity investor since 1966. The firm currently has over ...
and
The Blackstone Group Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate b ...
. Originally, it was incorporated in Bermuda. Kosmos made one of the world's largest recent oil discoveries in June 2007, off the coast of Ghana. The company discovered the Jubilee Oil Field about offshore. The first oil from the field was produced in 2010. The company and its operations in Ghana, around the time of the Jubilee discovery and work to develop the field, was the focus of Rachel Boynton's 2013 documentary-film '' Big Men''. The documentary was shortened and adapted into a
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...
television documentary ''Storyville: Power, Money, Greed and Oil''. Kosmos went
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under the ticker symbol KOS on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...
on May 10, 2011. The
initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...
raised more than anticipated, selling 33 million shares at $18 each. It was listed on the
London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St P ...
on August 21, 2017. Kosmos and
Chevron Chevron (often relating to V-shaped patterns) may refer to: Science and technology * Chevron (aerospace), sawtooth patterns on some jet engines * Chevron (anatomy), a bone * '' Eulithis testata'', a moth * Chevron (geology), a fold in rock ...
reached a deal in June 2012, where subsidiary Chevron Global Energy Inc. received a 50% working interest in Block 45 and Block 42 in Suriname, to boost operations. In May 2016, Kosmos reached a farm-out agreement with a subsidiary of Hess Corp., wherein Hess acquired a 33% non-operated interest in Block 42 from Kosmos and Chevron. Kosmos began a controversial oil drilling project in the
Cape Bojador Cape Bojador ( ar, رأس بوجادور, trans. ''Rā's Būjādūr''; ber, ⴱⵓⵊⴷⵓⵔ, ''Bujdur''; Spanish and pt, Cabo Bojador; french: Cap Boujdour) is a headland on the west coast of Western Sahara, at 26° 07' 37"N, 14° 29' 57"W ...
area in 2014 off the coast of the disputed territory of Western Sahara. In an article from February 2015, former UN legal counsel Hans Corell stated that exploration activities by Kosmos and Glencore were in violation of the legal opinion he wrote for the UN Security Council. Kosmos responded that its operations complied with international law and were consistent with the UN opinion. Kosmos officials also told media it recognized that its work in the area must occur alongside UN-led mediation. The company said local populations in Western Sahara would benefit from the economic development of the region. A Kosmos official told ''Reuters'', "If we are successful, we believe responsible resource development has the potential to create significant social and economic benefits for Western Sahara and its people. We have worked in close partnership with Morocco — as the ''de facto'' administering power of the territory. They have a vital role to play in ensuring benefit sharing, among other important issues, will happen should we be successful". In 2016,
Norway Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe, the mainland territory of which comprises the western and northernmost portion of the Scandinavian Peninsula. The remote Arctic island of Jan Mayen and the ...
's Council on Ethics recommended that the country's Government Pension Fund Global exclude Kosmos Energy and Cairn Energy Plc. from its investment portfolio due to their activities in Western Sahara. In June 2016, the ''Financial Times'' quoted Kosmos correspondence with the Council on Ethics: "We fundamentally disagree with the council's assessment of our activities offshore Western Sahara, where we have spent considerable time on the ground working with local people to understand their views of oil and gas exploration. The council's decision fails to recognize that people in Western Sahara—whom we have met in hundreds of face-to-face conversations—want the economic opportunities that come from increased foreign investment." In February 2018, Kosmos announced its withdrawal from Morocco and Western Sahara, marking the end of 17 years of companies in the oil sector there. Kosmos made two significant gas discoveries offshore Mauritania in 2015. Kosmos discovered gas at its Tortue-1 exploration well in Block C-8 in April 2015, followed by another gas discovery in its Marsouin-1 exploration well, which was later renamed Bir Allah, in the northern part of Block C-8. A few kilometers south of Tortue-1, Kosmos Energy discovered gas at its Guembeul-1 exploration well offshore
Senegal Senegal,; Wolof: ''Senegaal''; Pulaar: 𞤅𞤫𞤲𞤫𞤺𞤢𞥄𞤤𞤭 (Senegaali); Arabic: السنغال ''As-Sinighal'') officially the Republic of Senegal,; Wolof: ''Réewum Senegaal''; Pulaar : 𞤈𞤫𞤲𞤣𞤢𞥄𞤲𞤣𞤭 ...
in January 2016. The company continued to make gas discoveries in 2016 and 2017, including significant natural gas resources at the Teranga-1 exploration well offshore Senegal in 2016. In December 2016, Kosmos and BP entered a partnership in Mauritania and Senegal. BP acquired a 62% working interest, including operatorship, of Kosmos' exploration blocks in Mauritania and a 32.49% effective working interest in Kosmos' Senegal exploration blocks. In May 2017, the two companies made a major discovery off the coast of Senegal while drilling the Yakaar-1 exploration well. Senegal and Mauritania signed a cooperation agreement to allow for Kosmos and BP to develop gas resources shared by the two counties in February 2018. BP and Kosmos made a final investment decision on the Tortue project in December 2018, leading to the first phase of the Tortue LNG development. Kosmos Energy acquired Deep Gulf Energy, expanding Kosmos' oil and gas operations into the
Gulf of Mexico The Gulf of Mexico ( es, Golfo de México) is an ocean basin and a marginal sea of the Atlantic Ocean, largely surrounded by the North American continent. It is bounded on the northeast, north and northwest by the Gulf Coast of the United ...
, in August 2018. In December 2018, Kosmos was reincorporated in
Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...
. Previously, it was incorporated in
Bermuda ) , anthem = "God Save the King" , song_type = National song , song = "Hail to Bermuda" , image_map = , map_caption = , image_map2 = , mapsize2 = , map_caption2 = , subdivision_type = Sovereign state , subdivision_name = , es ...
.


Operations

As of 2021, Kosmos Energy produces oil and gas in Equatorial Guinea, Ghana and the Gulf of Mexico, and has a license to explore in one block offshore São Tomé and Príncipe. In December 2016, BP entered into a partnership with Kosmos, whereby BP became the operator of Kosmos's exploration blocks in Senegal and Mauritania, which includes the Greater Tortue Ahmeyim (GTA)
liquefied natural gas Liquefied natural gas (LNG) is natural gas (predominantly methane, CH4, with some mixture of ethane, C2H6) that has been cooled down to liquid form for ease and safety of non-pressurized storage or transport. It takes up about 1/600th the vol ...
project. Previously it operated also in Morocco and Western Sahara but has ended its operations there.


Ghana

Kosmos Energy discovered the Jubilee Oil Field in 2007. It owns a 24.1% stake in Jubilee Oil Field. The field is estimated to hold up to of oil and of natural gas. , the Jubilee field produces about of oil.
United States Secretary of State The United States secretary of state is a member of the executive branch of the federal government of the United States and the head of the U.S. Department of State. The office holder is one of the highest ranking members of the president's Ca ...
Hillary Clinton Hillary Diane Rodham Clinton ( Rodham; born October 26, 1947) is an American politician, diplomat, and former lawyer who served as the 67th United States Secretary of State for President Barack Obama from 2009 to 2013, as a United States sen ...
reportedly advocated for Kosmos and other U.S.-based oil companies in Ghana as Kosmos began development of the Jubilee field. In addition to Jubilee, Kosmos is a partner on the TEN (Tweneboa, Enyenra and Ntomme) project developing the Tweneboa, Enyenra, and Ntomme hydrocarbon accumulations. Kosmos holds a 17% stake in the TEN, which sits approximately off the coast of Ghana. Oil first flowed from TEN in 2016.


Equatorial Guinea

In October 2017, Kosmos entered a 50:50 joint venture with Trident Energy to acquire
Hess Corporation Hess Corporation (formerly Amerada Hess Corporation) is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petrol ...
's interest in the Ceiba Field and Okume Complex assets offshore Equatorial Guinea. Kosmos also has interests in exploration blocks offshore Equatorial Guinea. In November 2019, Kosmos announced an oil discovery at its S-5 well offshore of Equatorial Guinea.


Gulf of Mexico

Kosmos Energy entered the deepwater Gulf of Mexico in August 2018 when it acquired Deep Gulf Energy from First Reserve, a
private equity In the field of finance, the term private equity (PE) refers to investment funds, usually limited partnerships (LP), which buy and restructure financially weak companies that produce goods and provide services. A private-equity fund is both a t ...
firm, for $1.23 billion. Kosmos Energy paid $925 million in cash and $300 million in common stock to acquire DGE. As a result, Kosmos Energy increased its daily production by more than 50% to 70,000 barrels of oil equivalent; estimated reserves increased 40% to 280 million barrels of oil equivalent.


Mauritania and Senegal

Kosmos operates in the Cayar and St. Louis blocks offshore Senegal. It holds a 32.51% interest in each of its two exploration licenses. In Mauritania, Kosmos holds 28% stakes in four blocks. It made a significant gas discovery at its Tortue-1 well in Block C-8, offshore Mauritania, in April 2015. The well was drilled to test the Tortue West prospect, forming a part of the Greater Tortue complex. Its next discovery offshore came at Kosmos' Marsouin-1 exploration well, later renamed Bir Allah, in the northern part of Block C-8. With results from its Ahmeyim-2 appraisal well, Kosmos estimated the Tortue West contains of gas, and the Greater Tortue Complex contains more than . Company officials said this discovery confirmed that the Tortue gas resource, which is also called Ahmeyim, straddles the maritime boundary between Senegal and Mauritania. At the end of 2018, Kosmos Energy announced a final investment decision for phase 1 of the Greater Tortue Ahmeyim LNG Project alongside BP. In October 2019, Kosmos made a major gas discovery at its Orca-1 exploration well offshore Mauritania. The company estimated the total gas available as 50 trillion cubic feet of gas. Kosmos and BP have a farm-out agreement over the joint gas discovery in Mauritania and Senegal, as well as future exploration. Under the deal, Kosmos focuses on exploration, while BP controls development and production operations. The two companies have discovered an estimated of gross Pmean gas resource at the Yakaar-1 exploration well. At the end of 2018, Kosmos Energy announced a final investment decision for phase 1 of the Greater Tortue Ahmeyim LNG Project alongside BP. In September 2019, Kosmos Energy confirmed gas resources at the Yakaar-2 appraisal well.


Suriname

In Suriname, Kosmos operates in two exploration license areas. It holds a 50% interest in Block 45 and a 33% interest in Block 42. In 2018, it abandoned two exploration wells, Anapai-1A in Block 45 and Pontoenoe-1 in Block 42, because the company failed to find hydrocarbons.


Morocco and Western Sahara

As operator, Kosmos held a 55% interest of the Boujdour Maritime block and 75% interest of the Essaouira block. In October 2013, Kosmos reached a farm-out deal with Cairn Energy subsidiary Capricorn Exploration & Development Company Ltd. Under the deal, Cairn took a 20% non-operated interest in Boujdour Maritime block. The license of the Boujdour block was signed with the Moroccan state oil company ONHYM. Kosmos announced in May 2014 it would plug and abandon its FA-1 well in the Foum Assaka Offshore block. While it did not find oil, the company said there was evidence of a working petroleum system and the well provided important seismic calibration details. These details were incorporated into the company's petroleum system analysis. On March 2, 2015, Kosmos Energy said its CB-1 exploration well in Cap Boujdour made a small discovery. The discovery was noncommercial, and the well was plugged and abandoned in February 2018.


Other African countries

Kosmos has ownership interests in six blocks offshore Sao Tome and Principe, including two blocks where Kosmos partners with BP. In 2018, Kosmos announced it would explore a number of blocks offshore with
Royal Dutch Shell Shell plc is a British multinational oil and gas company headquartered in London, England. Shell is a public limited company with a primary listing on the London Stock Exchange (LSE) and secondary listings on Euronext Amsterdam and the New Yo ...
. With Galp, Kosmos ordered a 3D seismic survey of a large stretch of ocean floor. According to ''The Wall Street Journal'', the survey was "one of the biggest offshore oil exploration efforts of its kind in the region". The survey was completed on August 20, 2017. Kosmos Energy has an offshore license in
Congo-Brazzaville The Republic of the Congo (french: République du Congo, ln, Republíki ya Kongó), also known as Congo-Brazzaville, the Congo Republic or simply either Congo or the Congo, is a country located in the western coast of Central Africa to the w ...
for the Marine XXI block, which covers more than 2,300 square km. Kosmos Energy signed a production sharing agreement with Congo-Brazzaville and the Société Nationale des Pétroles du Congo. In 2018, Kosmos Energy partnered with Royal Dutch Shell to explore blocks offshore Namibia.


Corporate affairs

Kosmos Energy is headquartered in Dallas, Texas, and incorporated in Delaware. It trades on the New York and London stock exchanges under the ticker symbol KOS and, as of 2018, employed about 380 workers globally.


Governance

The company is governed by a board of directors. Its executive leadership includes chairman and CEO Andrew G. Inglis, Chief Exploration Officer Tracey Henderson, and Senior Vice President and Chief Financial Officer Thomas P. Chambers.


Other initiatives

In Dallas, Kosmos gave $450,000 to the
Perot Museum of Nature and Science The Perot Museum of Nature and Science (shortened to Perot Museum) is a natural history and science museum located in Dallas, Texas in Victory Park. The museum was named in honor of Margot and Ross Perot. The current chief executive officer o ...
, creating the Kosmos Energy STEM Teacher Institute Kosmos also supports the
Dallas Museum of Art The Dallas Museum of Art (DMA) is an art museum located in the Arts District of downtown Dallas, Texas, along Woodall Rodgers Freeway between St. Paul and Harwood. In the 1970s, the museum moved from its previous location in Fair Park to the Art ...
. It is the presenting sponsor of the Keir Collection of Islamic Art. In Ghana, the company established the Kosmos Innovation Center in 2016, offering entrepreneurship programs to help diversify Ghana's economy, including the agriculture industry specifically. Among the center's projects is the AgriTech Challenge, which invites young innovators to develop programs to develop commercial agriculture in Ghana. In 2017, the AgriTech Challenge attracted 400 participants. In addition, Kosmos has worked with the Safe Water Network to provide residents in Western Ghana with access to clean water. The company has partnered with an NGO, Le Partenariat, to sponsor programs in Senegal to improve the environment. In 2018, Kosmos Innovation Center launched a start-up accelerator program in Senegal. Kosmos donated $67,500 worth of equipment to Polytechnic College of Suriname in 2016, to be used in its undergraduate Mechanical Engineering and Infrastructure programs. In 2017, the company donated $56,600 worth of equipment for students studying mineral production at Anton de Kom University of Suriname. Kosmos has worked with international security company Safe Start to develop and deliver a safety training program for technical schools in the country.


References

{{Authority control Oil companies of the United States Mining in Ghana