BP, Kosmos Energy Stocks In Spotlight After First Gas Flow From GTA Phase 1 Project: Retail Turns Bullish

Once commissioned, GTA Phase 1 is expected to produce around 2.3 million tonnes of liquefied natural gas (LNG) annually.

Shares of British oil major BP and Kosmos Energy (KOS) were in the spotlight on Thursday after the former announced that it has begun flowing gas from wells at the Greater Tortue Ahmeyim (GTA) Phase1 liquefied natural gas project to its floating production storage and offloading (FPSO) vessel for the next stage of commissioning.  

BP operates GTA and has a 56% working interest alongside Kosmos Energy (27%), PETROSEN (10%) and SMH (7%).  

Once commissioned, GTA Phase 1 is expected to produce around 2.3 million tonnes of liquefied natural gas (LNG) annually. 

GTA is one of the deepest offshore developments in Africa, with gas resources in water depths of up to 2,850 meters. GTA is located near the maritime border between Mauritania and Senegal.

BP’s EVP of production and operations Gordon Birrell called the latest development a fantastic landmark for the megaproject. “Africa’s significance in the global energy system is growing, and these nations now have enhanced roles to play,” he said.

Meanwhile, Kosmos Energy said that the first LNG production is expected to follow shortly, with the first LNG cargo anticipated in the first quarter of 2025. This is when the company will start to recognize revenue from the project.

Following the announcement, retail sentiment surrounding BP jumped into the ‘bullish’ territory (61/100) from ‘bearish’ a day ago, accompanied by ‘high’ message volume.

At the same time, retail sentiment on Kosmos Energy too jumped into the ‘bullish’ territory (70/100) from ‘neutral’ a day ago.

Notably, BP shares have lost over 16% in the last year, while Kosmos shares are down over 49% during the period.    

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