Independent oil and gas exploration and production company, Kosmos Energy recorded an $8.5 million loss for the second quarter of 2017.
The company narrowed its losses compared to the second quarter in 2016 when it reported a net loss of $108.3 million, according to its quarterly report.
Second quarter 2017 oil revenues were $136 million versus $46 million in the same quarter of 2016, on sales of 2.9 million barrels of oil in 2017 as compared to 0.9 million barrels in 2016.
Speaking of the company’s plans for the future, Kosmos Energy’s chairman and CEO Andrew Inglis plans to drill five prospects over the next 18 months.
“We are also advancing the development of our large gas discoveries beginning with the low-cost Tortue project, which remains on schedule to reach FID in 2018 and first gas by 2021,” Inglis said.
Following the finalization of its agreement with BP during the first quarter that paved the way towards a joint development of a “world-class” LNG project, the two companies formed the Kosmos-BP Strategic Exploration Alliance .
Kosmos said it expects a front-end engineering and design study to be completed in the second half of 2017 with the objective of reaching a final investment decision by 2018 and first gas in 2021.
The company did lower its net Capex budget for 2017 to $100 million, from the initial figure of $150 million, reflecting lower requirements.