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Kosmos Energy Axes Budget -73% for 2017
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Kosmos Energy reported its full year 2016 results as well as its 2017 capital budget.
2017 Capital Program $175 million net capex budget for 2017 (down -73% from $650 million in 2016).Approximately $75 million of the budget is allocated to Ghana, excluding Jubilee Turret remediation costs which are expected to be recovered from insurance, and approximately $100 million is allocated to exploration, including seismic and new ventures costs. Additionally, in 2017 we expect one-time costs of approximately $200 million related to the rig stacking, subsidy costs and costs related to the cancellation of the previous Atwood Achiever extension which will be offset by the proceeds of the Mauritania and Senegal farm-out.
Highlights for the year ended 2016 include: First oil from the TEN project…- ✓ Full news archive — U.S., Canada & international coverage
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