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Business News of Friday, 26 November 2021

Source: GNA

Kosmos Energy makes progress in oil production amidst coronavirus

Kosmos Energy is a major player in Ghana oil production ecosystem Kosmos Energy is a major player in Ghana oil production ecosystem

Mr Joe Mensah, Senior Vice President and Head of Ghana Business Unit, Kosmos Energy, says the deep-water oil and gas exploration and production company made a steady leap in production despite the effects of the COVID-19 pandemic.

The Senior Vice President, speaking in an interview with the Ghana News Agency on the sidelines of the commissioning of the Kosmos Energy Hunger Relief project at the James Camp Prison, said: “We went through some struggles during the COVID-19 times, and now our production has been quite steady and running,” he said.

He said the Jubilee Field was now producing 80,000 barrels of oil per day and close to 30,000 barrels from TEN fields.

He noted that for the next 10 years, Kosmos Energy intended to go into partnerships and invest about $4.2 billion, saying, “We're going to drill a lot more wells next year, which will further increase production.”

Kosmos Energy acquired an additional 18.0 percent interest in the Jubilee field and an additional 11.0 percent interest in the TEN fields in Ghana from Occidental Petroleum (OXY) for a purchase price of $550 million

That, Mr Mensah said, would see a further surge in production, stressing that, “ it is an indication that we are going to be here for the long haul”

The Senior Vice President said in addition, “we're going to take advantage of our gas, because the country has plenty of gas. We need to now work with government to consider the production of fertilizer with our gas.”

He said with that, the needed urea could be gotten to complement agriculture as it has always been the mainstay of the country, contributing to about 20 percent of the country’s Gross Domestic Product.

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