Kosmos Energy Ltd on Monday said it has increased its working interest in the Yakaar-Teranga discovery to 90%, consequently assuming operatorship, and reported a rise in its quarterly revenue.

Kosmos is a Texas-based oil and gas producer focused on Ghana, Guinea and the US Gulf of Mexico. It operates the Tiberius well, and also holds a 33% working interest alongside Occidental Petroleum Corp and Equinor ASA.

The increase in working interest follows BP PLC withdrawing from the offshore Senegal field, Kosmos said.

According to Kosmos, Yakaar-Teranga is one of the world’s largest gas discoveries and holds around 25 trillion cubic feet of advantaged gas in place.

The energy firm added that it has been working closely with Senegalese petroleum company, Petrosen, and the Government of Senegal on an ‘innovative development concept that prioritizes cost-competitive gas to the rapidly growing domestic market, combined with an offshore liquefied natural gas facility targeting exports into international markets.’

Chair & Chief Executive Officer Andrew Inglis commented: ‘Increasing our working interest and assuming operatorship of Yakaar-Teranga is a major value creation opportunity for Kosmos.

‘Yakaar-Teranga is one of the crown jewels of Senegal’s growing energy sector and this aligned partnership allows Kosmos and Petrosen to accelerate the development of a cost-competitive gas project supporting Senegal’s goal of providing universal and reliable access to low-cost energy.’

On Monday Kosmos also announced its third quarter results, with total revenues and other income in the three months to September 30 at $526 million, up 15% from $456 million a year prior.

Year-to-date revenue fell by 32% however to $1.19 billion from $1.74 billion in the nine months to September 30, 2022.

Total net production rose 17% to an average of 68,200 barrels of oil per day from 58,000 in the second quarter, in line with its guidance.

Commenting on the quarterly results, Inglis said: ‘Kosmos continues to create value for its stakeholders through the consistent delivery of its strategy to grow production, advance its advantaged oil and LNG projects, and add resource through infrastructure-led exploration.’

Shares in Kosmos were flat at 620.00 pence each in London on Monday morning.

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