Kosmos Energy: Difference between revisions

| name = Kosmos Energy Ltd.

| logo = File:Kosmos-Energy-logo.png

| type = [[Public company|Public]]

| traded_as = {{ubl|class=nowrap|{{NYSE|KOS}}<br/>|{{LSE|KOS}}<br/>|[[Russell 1000 Index|Russell 1000 Component2000]] component}}

| predecessor =

| industry = [[Petroleum industry|Oil and gas]]

| revenueassets = {{decreaseincrease}} US$3854.94 millionbillion (20162021)

| profitequity = {{decreaseincrease}} US$-284529 million (20162021)

|homepage website = {{URL|http://www.kosmosenergy.com/}}

'''Kosmos Energy''' is an American [[Upstream (petroleum industry)|upstream]] oil company founded and based in [[Dallas]], Texas. ItWhile haspreviously officesincorporated in [[GhanaBermuda]], [[Mauritania]],Kosmos [[Senegal]]has andreincorporated in [[SurinameDelaware]].<ref name="OfficeLocations">{{cite web |url=http://www.kosmosenergy.com/about-office-locations.php |title=Office locations |publisher=Kosmos Energy |accessdate=12 July 2017}}</ref><ref name="10K2016P-1">{{cite web|url=http://www.kosmosenergy.com/annualreport/2016/?page=8|title=2016 Form 10-K|last=|first=|date=|work=2016|publisher=Kosmos Energy|archive-url=|archive-date=|dead-url=|accessdate=11 July 2017}}</ref> The company holds production and development operations offshore [[Ghana]], in[[Equatorial additionGuinea]], toand discoveries[[Gulf andof furtherMexico]], explorationwhile operationsholding a development project offshore [[Mauritania]] and [[Senegal]], and exploration licenses offshore [[SaoNamibia]], Tome[[São Tomé and PrincipePríncipe]], Morocco and [[Western SaharaSuriname]].<ref name="201610K-P13-14">{{citeIt webwas |url=http://www.kosmosenergy.com/annualreport/2016/?page=20previously |title=2016involved Formin 10-Kexploration |pages=13-14offshore |date=2016[[Morocco]] |publisher=Kosmosand Energy |accessdate=12[[Western July 2017}}</ref>Sahara]]. It discovered the [[Jubilee oil field]] off the coast of Ghana.<ref name="OTand the cross-Jubilee"/>border Tortue gas field offshore Mauritania and Senegal. Kosmos was the focus of a documentary ''[[Big Men (film)|Big Men]]'' that followed the company as it worked to establish the Jubilee oil field in Ghana.<ref name="Catsoulis14"/><ref name="Dansby14"/>

Kosmos Energy was established in 2003 by founding partners James C. Musselman, Brian F. Maxted, W. Greg Dunlevy, and Paul Dailly.<ref name="DallasBiz03012011">{{cite news |url=https://www.bizjournals.com/dallas/news/2011/01/03/kosmos-energy-ceo-co-founder-retires.html |title=Kosmos CEO, co-founder retires |date=3 January 2011 | work =[[American City Business Journals|Dallas Business Journal]] |accessdate=10 July 2017}}</ref><ref name="Bounds14">{{cite news |url=https://www.dmagazine.com/publications/d-ceo/2014/july-august/entrepreneurs-of-the-year-ey-2014/ |title=Entrepreneurs of the year 2014 |authorfirst1 =Jeff | last1 = Bounds |author2first2=Karen | last2 = Nielsen |author3first3=Christine | last3 = Perez |author4=Glenda Vosburgh |date=July 2014 |publisher=D Magazine |accessdate=10 July 2017}}</ref> Initial backing came from American private equity firms [[Warburg Pincus]] and [[The Blackstone Group]].<ref name="Selyukh11">{{cite news |title=Kosmos Energy IPO raises more than expected |last1=Selyukh |first1=Alina |url=https://www.reuters.com/article/kosmosenergy-ipo-idUSN1015130520110511 |newspaper=Reuters |date=10 May 2011 |accessdate=10 July 2017}}</ref> Originally, it was incorporated in Bermuda.<ref name="10K2016P-1" />

Kosmos made one of the world's largest recent oil discoveries in June 2007, off the coast of Ghana.<ref name="Selyukh11"/> The company discovered the Jubilee Oil Field about {{convert|60|km}} offshore.<ref name="OT-Jubilee">{{cite web |url=http://www.offshore-technology.com/projects/jubilee-field/ |title=Jubilee Field, Ghana | work = Offshore Technology |accessdate=10 July 2017}}</ref> The first oil from the field was produced in 2010.<ref name="Aklorbortu17">{{cite web |url=http://www.graphic.com.gh/news/general-news/10yrs-after-oil-discovery-time-to-take-stock-kosmos-energy.html |title=10 years after oil discovery, time to take stock |author=Moses Dotsey Aklorbortu |date=27 February 2017 |publisher=Graphic Online |accessdate=10 July 2017}}</ref> The company and its operations in Ghana, around the time of the Jubilee discovery and work to develop the field, was the focus of [[Rachel Boynton]]'s 2013 [[documentary]]-film ''[[Big Men (film)|Big Men]]''.<ref name="Catsoulis14">{{cite news |title=Oil and money, and where it flows |last1=Catsoulis |first1=Jeannette |url=https://www.nytimes.com/2014/03/14/movies/big-men-looks-at-ghanaian-oil-discovery.html?_r=0 |newspaper=[[The New York Times]] |date=13 March 2014 |accessdate=10 July 2017}}</ref><ref name="Dansby14">{{cite news |title='Big Men' is a remarkable documentary on international oil business |last1=Dansby |first1=Andrew |url=http://www.houstonchronicle.com/entertainment/movies/article/Big-Men-a-remarkable-documentary-on-5525475.php |newspaper=[[Houston Chronicle]] |date=3 June 2014 |accessdate=10 July 2017}}</ref> The documentary was shortened and adapted into a [[BBC]] television documentary ''Storyville: Power, Money, Greed and Oil''.<ref name="Storyville">{{cite web |url=http://www.bbc.co.uk/programmes/b033v5xz |title=Power, Money, Greed & Oil |publisher=[[BBC]] |accessdate=10 July 2017}}</ref>

Kosmos began a controversial oil drilling project in the [[CapCape BoujdourBojador]] area in 2014 off the coast of the disputed territory of Western Sahara.<ref name="Milne16">{{cite news |title=Norway oil fund drops investment in Cairn and Kosmos |last1=Milne |first1=Richard |last2=Stacey |first2=Kiran |url=https://www.ft.com/content/3ed3be5a-3d19-11e6-8716-a4a71e8140b0?mhq5j=e1 |newspaper=[[Financial Times]] |date=28 June 2016 |accessdate=10 July 2017 |url-access=subscription}}</ref> In an article from February 2015, former UN legal counsel Hans Corell stated that the ongoing exploration activities by Kosmos and [[Glencore]] iswere in violation of the legal opinion he wrote for the UN Security Council.<ref>{{cite news|title=The Responsibility of the UN Security Council in the Case of Western Sahara|url=http://www.judicialmonitor.org/current/specialcommentary.html |accessdate=29 March 2015|publisher= International Judicial Academy}}</ref> Kosmos has responded that its operations complycomplied with international law and fall inwere lineconsistent with the UN opinion.<ref name="Milne16"/><ref name="Noueihed14">{{cite news |title=Simmering Saharan conflict stirred by offshore oil search |last1=Noueihed |first1=Lin |url=https://www.reuters.com/article/westernsahara-oil-idUSL6N0KN1I120140113 |work=[[Reuters]] |date=13 January 2014 |accessdate=11 July 2017}}</ref> Kosmos officials also told media it recognized that its work in the area must occur alongside UN-led mediation.<ref name="Noueihed14"/><ref name="Liljas14">{{cite news |title=There's a New Terrorist Threat Emerging in Western Sahara, and the World Isn't Paying Attention |last1=Liljas |first1=Per |url=httphttps://time.com/3085464/theres-a-new-terror-threat-emerging-in-western-sahara-and-the-world-isnt-paying-attention/ |newspaper=[[Time (magazine)|Time]] |date=8 August 2014 |accessdateaccess-date=20 July 2017}}</ref><ref name="Landers13">{{cite news |title=A Dallas company could help diplomacy by finding oil in Western Sahara |last1=Landers |first1=Jim |url=https://www.dallasnews.com/business/health-care/2013/12/02/a-dallas-company-could-help-diplomacy-by-finding-oil-in-western-sahara |newspaper=[[The Dallas Morning News]] |date=December 2013 |accessdate=20 July 2017}}</ref>

The company said local populations in Western Sahara would benefit from the economic development of the region.<ref name="Noueihed14"/><ref name="Liljas14"/> A Kosmos official told ''Reuters'', "If we are successful, we believe responsible resource development has the potential to create significant social and economic benefits for Western Sahara and its people. We have worked in close partnership with Morocco — as the ''de facto'' administering power of the territory. They have a vital role to play in ensuring benefit sharing, among other important issues, will happen should we be successful".<ref name="Noueihed14"/>

In 2016, [[Norway]]'s [[Government Pension Fund of Norway#The Ethical Councilcouncil|Council on Ethics]] recommended that the country's Government Pension Fund Global exclude Kosmos Energy and [[Cairn Energy|Cairn Energy Plc.]] from its investment portfolio due to their activities in Western Sahara. In June 2016, the ''Financial Times'' quoted Kosmos correspondence with the Council on Ethics: "We fundamentally disagree with the council's assessment of our activities offshore Western Sahara, where we have spent considerable time on the ground working with local people to understand their views of oil and gas exploration. The council's decision fails to recognize that people in Western Sahara—whom we have met in hundreds of face-to-face conversations—want the economic opportunities that come from increased foreign investment."<ref name="Milne16"/> In February 2018, Kosmos announced its withdrawal from Morocco and Western Sahara, marking the end of 17 years of companies in the oil sector there.<ref name="WSRW18">{{cite news |title=Kosmos and Cairn have pulled out of Western Sahara |work=Western Sahara Resource Watch |url=https://www.wsrw.org/a249x4080 |date=7 February 2018 |accessdate=23 September 2019}}</ref>

Kosmos made two significant gas discoveries offshore [[Mauritania]] in 2015. Kosmos discovered gas at its Tortue-1 exploration well in Block C-8 in April 2015, followed by another gas discovery in its Marsouin-1 exploration well, which was later renamed Bir Allah,<ref name="O'Cinneide18">{{cite news |title=Kosmos and BP gear up for campaign off Mauritania and Senegal |last1=O'Cinneide |first1=Eoin |work=Upstream |url=https://static.upstreamonline.com/hardcopy/1628327/kosmos-and-bp-gear-up-for-campaign-off-mauritania-and-senegal |date=15 November 2018 |accessdate=15 October 2019}}</ref> in the northern part of Block C-8.<ref name="OET270415"/><ref name=OGJ12112015"OGJ12112015">{{cite news |title=Kosmos makes second gas discovery offshore Mauritania |url=http://www.ogj.com/articles/2015/11/kosmos-makes-second-gas-discovery-offshore-mauritania.html |newspaper=[[Oil & Gas Journal]] |date=12 November 2015 |accessdate=11 July 2017}}</ref><ref name="OT16032016">{{cite news |url=http://www.offshoreenergytoday.com/kosmos-delineates-gas-discoveries-off-mauritania-and-senegal/ |title=Kosmos delineates gas discoveries off Mauritania and Senegal |date=16 March 2016 |publisher=OffshoreEnergyToday.com |accessdate=10 July 2017}}</ref> A few kilometers south of Tortue-1, Kosmos Energy discovered gas at its Guembeul-1 exploration well offshore [[Senegal]] in January 2016.<ref name="OT16032016"/><ref name="Addison16">{{cite news |title=Exploration continues: Kosmos strikes gas offshore Senegal |last1=Addison |first1=Velda |url=http://www.epmag.com/exploration-continues-kosmos-strikes-gas-offshore-senegal-836586#p=full |newspaper=[[Hart Energy]] |date=27 January 2016 |accessdate=10 July 2017}}</ref>

Kosmos Energy discovered the Jubilee Oil Field in 2007. It owns a 24.1% stake inThe Jubilee Oil Field.<ref name="10K2016-P15">{{cite web |url=http://www.kosmosenergy.com/annualreport/2016/?page=22 |title=2016 Form 10-K |page=15 |date=2016 |publisher=Kosmos Energy |accessdate=11 July 2017}}</ref> The field is estimated to hold up to {{convert|1|Goilbbl|abbr=off}} of oil and {{convert|800|e9cuft|abbr=off}} of natural gas.<ref name="Smith2010">{{cite news |title=New Oil—and a Huge Challenge—for Ghana |last1=Smith |first1=Jeff |url=http://news.nationalgeographic.com/news/energy/2010/12/1012115-oil-ghana-environment-jubilee/ |archive-url=https://web.archive.org/web/20101217154657/http://news.nationalgeographic.com/news/energy/2010/12/1012115-oil-ghana-environment-jubilee/ |url-status=dead |archive-date=December 17, 2010 |newspaper=[[National Geographic (magazine)|National Geographic]] |date=16 December 2010 |accessdate=10 July 2017}}</ref> {{As[[United States Secretary of|May 2017}},State]] the[[Hillary JubileeClinton]] fieldreportedly producesadvocated aboutfor {{convert|100000|oilbbl/d|abbr=off}}Kosmos ofand other U.S.-based oil companies in Ghana as Kosmos began development of the Jubilee field.<ref name="Salvaterra17Grandoni16">{{cite news |title=SearchHow forHillary oilClinton's yieldsState aDepartment newFought businessFor modelOil 5,000 Miles Away |last1=SalvaterraGrandoni |first1=NeandaDino |url=https://www.wsjbuzzfeed.com/articlesdinograndoni/search-for-oil-yieldsin-a-new-business-model-1495418761ghana |newspaper=[[The Wall Street JournalBuzzFeed]] |date=212 MayOctober 20172016 |accessdate=10 July 2017}}</ref> [[UnitedIn Statesaddition Secretaryto ofJubilee, State]]Kosmos [[Hillaryis Clinton]]a reportedlypartner advocatedon forthe KosmosTEN and(Tweneboa, otherEnyenra U.S.-basedand oilNtomme) companiesproject indeveloping Ghanathe asTweneboa, KosmosEnyenra, beganand developmentNtomme ofhydrocarbon the Jubilee fieldaccumulations.<ref name="Grandoni16OTTen">{{cite newsweb |url=http://www.offshore-technology.com/projects/ten-development-project-deepwater-tano-ghana/ |title=HowTEN HillaryDevelopment Clinton'sProject, StateDeepwater DepartmentTano FoughtLicense, ForGhana |publisher=Offshore-Technology.com |accessdate=10 July 2017}}</ref> Oil 5first flowed from TEN in 2016,000 Mileswhich Awaysits approximately {{convert|last130|nmi|km|sigfig=Grandoni 1|first1abbr=Dinooff}} off the coast of Ghana.<ref name="OTTen"/><ref name="201610K-P16">{{cite web |url=httpshttp://www.buzzfeedkosmosenergy.com/dinograndoniannualreport/oil-in-ghana2016/?page=24 |newspapertitle=[[Buzzfeed]]2016 10-K |date=22016 October|publisher=Kosmos 2016Energy |accessdate=1011 July 2017}}</ref>

===SenegalEquatorial Guinea===

===Mauritania and Senegal===

As operator, Kosmos holdsheld a 55% interest of the Boujdour Maritime block and 75% interest of the Essaouira block.<ref name="10K2016-P14"/><ref name="OET28102013">{{cite news |url=http://www.offshoreenergytoday.com/kosmos-energy-cairn-seal-farm-out-deal-morocco/ |title=Kosmos Energy, Cairn Seal Farm-Out Deal (Morocco) |date=28 October 2013 |publisher=OffshoreEnergyToday.com |accessdate=11 July 2017}}</ref> In October 2013, Kosmos reached a farm-out deal with Cairn Energy subsidiary Capricorn Exploration & Development Company Ltd. Under the deal, Cairn took a 20% non-operated interest in Boujdour Maritime block.<ref name="OET28102013"/>

The license of the Boujdour block iswas signed with the Moroccan state oil company [[ONHYM]].<ref name="201610K-P16"/>

On March 2, 2015, Kosmos Energy said its CB-1 exploration well in Cap Boujdour made a small discovery.<ref name="OE02032015">{{cite news |title=Kosmos makes Morocco play-opener |url=http://www.oedigital.com/production/well-operations/item/8350-kosmos-makes-morocco-play-opener |newspaper=Offshore Engineer |date=2 March 2015 |accessdate=11 July 2017}}</ref> The discovery was noncommercial, and the well was plugged and abandoned in February 2018.<ref name="OE02032015WSRW18"/>

===EquatorialOther GuineaAfrican countries===

Kosmos Energy is headquartered in Dallas, Texas,<ref name="French18"/> and incorporated in Delaware.<ref name="OfficeLocationsLewis18"/><ref{{cite namenews |title="Kosmos to re-locate |last1=Lewis |first1=Josh |work=[[Upstream (newspaper)|Upstream]] |url=https:0"//www.upstreamonline.com/online/kosmos-to-re-locate/2-1-504402 |date=19 December 2018 |accessdate=23 September 2019}}</ref> It trades on the New York and London stock exchanges under the ticker symbol KOS and, employsas of 2018, employed about 275380&nbsp;workers globally.<ref name="KosmosProfileLSE"/><ref name="LSEAR2018-Employees">{{cite web |title=2018 Annual Report |work=Kosmos Energy |url=http://www.kosmosenergy.com/annualreport/2018/?page=12 |date=2018 |accessdate=23 September 2019}}</ref><ref name="KosmosProfile">{{cite web |url=http://www.kosmosenergy.com/pdfs/company_profiles/Profile_English.pdf |title=Kosmos |publisher=Kosmos Energy |accessdate=26 June 2017}}</ref>

The company is governed by a 10-member board of directors.<ref name="KosmosGovernance">{{cite web |url=http://investors.kosmosenergy.com/phoenix.zhtml?c=238878&p=irol-govboard |title=Corporate governance |publisher=Kosmos Energy |accessdate=11 July 2017}}</ref> Its executive leadership includes chairman and CEO [[Andy Inglis|Andrew G. Inglis]], Chief Exploration Officer BrianTracey F. MaxtedHenderson, and Senior Vice President and Chief Financial Officer Thomas P. Chambers.<ref name="201610K-P160">{{cite web |url=http://www.kosmosenergy.com/annualreport/2016/?page=168 |title=2016 Form 10-K |page= 160 |date=2016 |publisher=Kosmos Energy |accessdate=11 July 2017}}</ref><ref name="Henderson">{{cite news |title=Henderson named Kosmos chief exploration officer |work=Oil & Gas Journal |url=https://www.ogj.com/articles/2019/02/henderson-accessnamed-kosmos-chief-exploration-officer.html |date=subscription18 February 2019 |accessdate=23 September 2019}}</ref>

===SponsorshipOther initiatives===

In Ghana, the company established the Kosmos Innovation Center in 2016, offering entrepreneurship programs to help diversify Ghana's economy, including the agriculture industry specifically.<ref name="Ampofo17"/> Among the center's projects is the AgriTech Challenge, which invites young innovators to develop programs to develop commercial agriculture in Ghana. In 2017, the AgriTech Challenge attracted 400 participants.<ref name="Yeboah17">{{cite news |title=Kosmos Innovation Center 2017 AgriTech Challenge takes off |last1=Yeboah |first1=Isaac |url=http://www.graphic.com.gh/business/business-news/kosmos-innovation-center-2017-agritech-challenge-takes-off.html |newspaper=Graphic Online |date=13 February 2017 |accessdate=11 July 2017}}</ref> In addition, Kosmos has worked with the Safe Water Network to provide residents in Western Ghana with access to clean water.<ref name="Ablordeppey15">{{cite news |title=The Nzemaland, water and income: Kosmos' triple bottom line at work |url=http://www.graphic.com.gh/news/general-news/the-nzemaland-water-and-income-kosmos-triple-bottom-line-at-work.html |newspaper=Graphic Online |date=23 September 2015 |accessdate=11 July 2017}}</ref>

The company has partnered with an NGO, Le Partenariat, to sponsor programs in Senegal to improve the environment.<ref name="Ndarinfo18102016">{{cite news |title=Amélioration du cadre de vie: Kosmos Energy s'engage auprès des populations de la Langue de Barbarie |trans-title=Improvement of the living environment: Kosmos Energy commits to the populations of the Langue de Barbarie | language = Frenchfr |url=http://www.ndarinfo.com/Amelioration-du-cadre-de-vie-Kosmos-Energy-s-engage-aupres-des-populations-de-la-Langue-de-Barbarie_a17233.html |newspaper=Ndarinfo.com |date=18 October 2016 |accessdate=13 July 2017}}</ref><ref name="Ndarinfo20052017">{{cite news |title=LANGUE DE BARBARIE : vers l’éradicationl'éradication d’aud'au moins 80% des dépôts irréguliers de déchets |url=http://www.ndarinfo.com/LANGUE-DE-BARBARIE-vers-l-eradication-d-au-moins-80-des-depots-irreguliers-de-dechets-video_a19052.html |newspaper=Ndarinfo.com |date=20 May 2017 |accessdate=13 July 2017}}</ref> In 2018, Kosmos Innovation Center launched a start-up accelerator program in Senegal. The program supports young entrepreneurs working to improve the agriculture, livestock, fisheries sectors and Senegal's overall economy.<ref name="Senegal Inn">{{cite news|title=Lancement du concours " Sénégal Start-Up Accelerator " pour booster les startups sénégalaises|url=https://www.socialnetlink.org/2018/10/13/kosmos-innovation-center-et-reach-for-change-lancent-le-concours-senegal-start-up-accelerator-pour-booster-les-startups-senegalaises/ |date=October 13, 2018|access-date=May 29, 2022|work=Social Netlink}}</ref> Kosmos launched the Mauritania Innovation Challenge (MIC) in August 2018, and it is modeled after the Kosmos Innovation Center.<ref name="MIC">{{cite news|url=https://cridem.org/C_Info.php?article=718154 |title=Kosmos Energy at the heart of a partnership initiative to promote entrepreneurship in Mauritania|date=November 12, 2018|access-date=May 29, 2022|work=CRIDEM}}</ref>