Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

KOSMOS ENERGY SPENDS $37M ON PRODUCTION

Kosmos Energy has announced it has made a $37 million expenditure on production and exploration activities at the Jubilee oil fields during the second quarter of 2012, results released August 6, 2012.

Production expense for the second quarter of 2012 was $20million and according to Kosmos, this included $10 million related to acid stimulation costs incurred on Jubilee phase 1 well.

The results further stated that excluding these costs, the company‘s production expense was approximately$9.37 per barrel sold, down from$14.36 per barrel for the same period last year.

The company sold one Jubilee lifting during the quarter, totaling 997,000 barrels of oil, at a realized price of $112.60 per barrel making oil revenuesof$112 million, the results indicated.

On exploration expense during the quarter, the company spent$17million and it included certain “seismic geologic and geophysical studies” as well as a portion of costs associated with Teak-4 A well.

General and administrative (G&A) costs were $35 million, with over 50% related to non-cash, equity-based compensation expense; the company reported “Total G&A was up from the same period last year, primarily as a result of the company’s growth and transition from a private to a public company in mid-2011, “it adds.

Kosmos said  depletion and depreciation expense was $33 million in the second quarter of 2012, up from $23million in the second  quarter  of 2011 and this  was increased primarily  as a result of the “capitalization of the Jubilee FPSO and  the ongoing capital spending for development  of the Jubilee field.

“The company observed that the recording of year –end 2011 reserves impacted the 2012 depletion rate.

THE NEW CRUSADING GUIDE

 

 

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar