Kosmos Energy total net production(2) in the second quarter of 2025 averaged approximately 63,500 boepd, lower than guidance due to the previously communicated ramp up timing on GTA and lower production at Jubilee. Full year 2025 production guidance for GTA is around 20 gross LNG cargos with production expected to increase towards the FLNG vessel’s 2.7 million tonnes per annum (mtpa) nameplate capacity in the fourth quarter.
Reflecting the slower GTA ramp up and lower Jubilee production in the second quarter, full year production guidance is now expected to be between 65,000 – 70,000 boepd. The Company exited the quarter in a net underlift position of approximately 0.3 mmboe.
Mauritania and Senegal
On GTA, the FLNG vessel successfully achieved COD in June, a significant milestone for the project, with production volumes now at a level equivalent to the annual contracted volumes of approximately 2.45 mtpa. With COD achieved, Kosmos has concluded funding a share of GTA’s capital expenditure on behalf of the national oil companies of Mauritania and Senegal.
Production in the second quarter averaged approximately 7,100 boepd net. During the quarter 3.5 gross LNG cargos were lifted with an additional 2.5 gross LNG cargos lifted post quarter end.
The partnership continues to target lower operating costs for GTA Phase 1 through startup and commissioning cost reductions, the FPSO re-financing (targeted for completion in the second half of 2025), and also through exploring alternative lower-cost operating models.
With GTA Phase 1 fully operational, Kosmos is targeting an increase in production towards the FLNG vessel’s 2.7 mtpa nameplate capacity in the fourth quarter. The partnership is also focusing on future expansion phases of the field. Phase 1+, a low-cost brownfield expansion, is expected to double gas throughput by leveraging the existing infrastructure in place. With the subsurface in Phase 1 performing well, Kosmos expects future expansion phases to further reduce operating costs/boe.
Ghana
Production in Ghana averaged approximately 29,100 boepd net in the second quarter of 2025. Kosmos lifted 3 cargos from Ghana during the quarter.
At Jubilee (38.6% working interest), oil production in the second quarter averaged approximately 55,300 bopd gross, reflecting nine days of scheduled FPSO shutdown, a period of riser instability, which has since been addressed with riser base gas lift, and underperformance of certain wells in the eastern side of the field, including Jubilee Southeast. Facility uptime was 97% with voidage replacement around 104%.
The Noble Venturer rig successfully drilled and completed the first well of the 2025/26 drilling campaign. This Jubilee main field producer (J-72) encountered more pay than expected and is currently producing around 10,000 bopd gross. The 2025 rig program has been optimized to drill a second producer in the Jubilee main field. As a result the rig will now undergo a period of scheduled maintenance before drilling the second well, which is expected online around the end of the year. Following completion of the second well, the rig is scheduled to drill four additional wells on Jubilee in 2026, targeting well-defined Jubilee main field producers, supported by good adjacent well control, similar to J-72.
As previously communicated, to achieve the full production potential of the Jubilee field, a consistent drilling program is required, informed by the latest seismic technology, alongside high facility uptime and sustained water injection. The narrow-azimuth (NAZ) seismic acquired in the first quarter is now being processed and the fast-track results show a significant uplift in imaging quality.
Kosmos expects the imaging quality to be further enhanced through the acquisition of ocean bottom node (OBN) seismic, which is planned for later this year. The OBN data is expected to upgrade the velocity model to improve the NAZ processing further. These enhanced seismic products are expected to benefit future drilling campaigns, identifying previously undrilled lobes, unswept oil, and new opportunities in the Jubilee Southeast area.
During the second quarter, Kosmos and partners signed a Memorandum of Understanding (MoU) with the Government of Ghana to extend the production licenses to 2040. The partnership anticipates submitting the documentation to the government shortly with formal approval expected later in the year. On completion, Kosmos expects a material uplift in 2P reserves in Ghana.
In the second quarter of 2025, Jubilee gas production net to Kosmos was approximately 5,700 boepd.
At TEN (20.4% working interest), oil production averaged approximately 15,900 bopd gross for the second quarter.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 22,000 bopd gross and 7,700 bopd net in the second quarter. Kosmos lifted one cargo from Equatorial Guinea during the quarter. Second quarter production was impacted by subsea pump mechanical failures. The operator expects the first replacement pump to be installed in the fourth quarter with production expected to rise thereafter.
(1) Production means net entitlement volumes. In Ghana, Equatorial Guinea, and Mauritania and Senegal this means those volumes net to Kosmos’ working interest or participating interest and net of royalty or production sharing contract effect. In the Gulf of America, this means those volumes net to Kosmos’ working interest and net of royalty.
