10yrs after oil discovery, time to take stock - Kosmos Energy

Kosmos Energy, a premier international oil company working in Ghana, says that after 10 years of its involvement in the country’s oil and gas sector, it is time to take stock and determine the direction to move in the coming years.

Speaking to the Daily Graphic, Vice President and Country Manager of Kosmos Energy, Mr Joe Mensah, said although the country’s dream of becoming an oil-producing nation had been realised, there are more opportunities on the horizon that require careful assessment of the journey so far in order to shape the future.

“We have learned lessons over the last decade, so let’s use those lessons to create a bright future,” he said.

He said Kosmos has the tradition of thinking host country first; “We want to do what’s best for the country. For Kosmos, this means building relationships based on trust, supporting the country’s economic development, and investing in people and their capabilities. We aim to be a long-term partner, deeply engaged in helping Ghana create a brighter future, because we know our future success is fully connected to the country’s.”

A Decade On

Mr Mensah said when Kosmos discovered oil a decade ago, there were only a handful of people in the petroleum industry, but “today we are in the excess of 7,000 to 8,000 people in the sector.”

The industry, he said, holds a lot of promise, but has yet to take off since it is still at an embryonic stage.

He said neutralising the risks after the first historic discovery in 2007 paved the way for other companies to come in. Currently, two independent fields have been developed with a third about to start production.

“In a very short period of time, a small country like Ghana has completed several development projects with FPSOs producing from the fields. This record of success tells you that more is possible,” he said.

Reserves

Kosmos wants to get back to its core competency, exploration. Mr Mensah said thus, “Looking at the whole industry, and long-term demand for oil and gas, there is a need for additional supply. Kosmos intends to play a role in finding new oil and gas resources.”

He explained that reserves need to be replenished and are critical for a successful oil and gas industry.

Kosmos, he said, is committed to the ongoing success of Ghana’s oil and gas sector.

Existing production

Kosmos’s Jubilee discovery in 2007 was the company’s first major discovery and one of West Africa’s largest discoveries of the last two decades. Mr Mensah described it as a “world-class, long-life production asset”.

First production from the initial development phase was in late 2010. Success at Jubilee led to a number of follow-on oil and gas-condensate discoveries on the West Cape Three Points and Deepwater Tano blocks. The TEN project, Ghana’s second major hydrocarbon development, produced first oil in August 2016.