West Africa: Kosmos cuts capex

Kosmos Energy has announced a 2016 capital expenditure budget of $650m, a reduction of nearly 20% over 2015’s $780m. Some $200m of the total is expected to be spent in Ghana, primarily on the completion of the Tweneboa-Enyenra-Ntomme (TEN) project, where first oil is planned for Q3 this year. Announcing its Q4 and full-year results, Kosmos said it expected to spend $250m in Mauritania and Senegal related to the appraisal of the Ahmeyim discovery, the drilling of an oil test in Senegal, and the acquisition of additional seismic.