Ghana Oil liftings affect Kosmos’s revenue

US oil company Kosmos Energy has revealed that its revenue for 2014 third quarter was affected as a result of oil liftings at Ghana’s Jubilee fields.

According to Kosmos, the company’s oil revenues in the third quarter of 2014 were $137 million compared to $215 million recorded in the third quarter of 2013.

“The decrease in revenue resulted largely from having one and one-half crude oil liftings from the Jubilee field during the quarter compared to two liftings in the third quarter of 2013,” the company said in a statement announcing its 2014 third quarter results.

The company said gross production from the Jubilee field averaged approximately 102,000 barrels of oil per day (bopd) during third quarter and averaged approximately 103,000 bopd through the first nine months of 2014.

It added that realized oil price was $95.26 per barrel of oil sold in the quarter as against $112.52 per barrel in the same quarter of last year.

Kosmos indicated that third quarter results benefited from the previously announced non-cash mark-to-market gain of $40 million related to the company’s oil derivative contracts.

The company hedged additional forward production during the quarter resulting in 9.7 million barrels hedged at the end of the third quarter.

Kosmos said it would continue to support the Ghana National Gas Company’s gas infrastructure project which is needed to alleviate gas-related constraints currently limiting oil production.