Kosmos Energy Ltd (KOS) 2022 Q4 法說會逐字稿

Good day, everyone. Welcome to Kosmos Energy's Fourth Quarter and Full Year 2022 Conference Call. (Operator Instructions). Just a reminder, today's call is being recorded. At this time, let me turn the call over to Jamie Buckland, Vice President of Investor Relations at Kosmos Energy.

今天是個好日子。歡迎來到 Kosmos Energy 的第四季度和 2022 年全年電話會議。 （操作員說明）。提醒一下，今天的通話正在錄音中。現在，讓我把電話轉給 Kosmos Energy 投資者關係副總裁 Jamie Buckland。

Thank you, Operator, and thanks to everyone for joining us today. This morning, we issued our fourth quarter and full year 2022 earnings release. This release and the slide presentation to accompany today's call are available on the Investors page of our website.

謝謝運營商，也感謝大家今天加入我們。今天上午，我們發布了第四季度和 2022 年全年收益報告。本新聞稿和今天電話會議的幻燈片演示可在我們網站的投資者頁面上找到。

Joining me on the call today to go through the materials are Andy Inglis, Chairman and CEO; and Neal Shah, CFO. During today's presentation, we will make forward-looking statements that refer to our estimates, plans and expectations. Actual results and outcomes could differ materially due to factors we note in this presentation and in our U.K. and SEC filings. Please refer to our annual report, stock exchange announcement and SEC filings for more details. These documents are available on our website. At this time, I will turn the call over to Andy.

董事長兼首席執行官安迪·英格利斯 (Andy Inglis) 今天和我一起參加電話會議，審閱這些材料；和首席財務官 Neal Shah。在今天的演講中，我們將就我們的估計、計劃和期望做出前瞻性陳述。由於我們在本演示文稿以及我們在英國和美國證券交易委員會的備案文件中提到的因素，實際結果和結果可能存在重大差異。有關更多詳細信息，請參閱我們的年度報告、證券交易所公告和美國證券交易委員會備案文件。這些文件可在我們的網站上找到。這時候，我會把電話轉給安迪。

Thanks, Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our fourth quarter and full year 2022 results call. As I normally do with our full year results, I'll start today's presentation by taking a step back to talk about our strategy and how the solid progress we made in 2022 has supported the delivery of that strategy. We'll then focus on 2023, an important year of inflection for the company.

謝謝杰米，大家早上好，下午好。感謝您今天加入我們的第四季度和 2022 年全年業績電話會議。正如我通常對全年業績所做的那樣，在今天的演講開始時，我將退一步談談我們的戰略，以及我們在 2022 年取得的穩固進展如何支持該戰略的實施。然後我們將關注 2023 年，這是公司轉折的重要一年。

Turning to Slide 3, which looks at Kosmos' role in helping address the world's energy challenges. The world is grappling with the need for affordable, secure and cleaner energy with a balanced approach required to address the 3 dimensions of this energy trilemma. Kosmos has the right strategy and portfolio at the right time to be part of the solution. We have an oil-weighted portfolio that could supply more of the energy that we'll need today.

轉到幻燈片 3，它著眼於 Kosmos 在幫助解決世界能源挑戰方面的作用。世界正在努力解決對負擔得起、安全和清潔能源的需求，並採取平衡的方法來解決這一能源三難困境的三個維度。 Kosmos 在正確的時間擁有正確的戰略和產品組合，可以成為解決方案的一部分。我們有一個石油加權投資組合，可以提供我們今天需要的更多能源。

We're investing in growing old supply in each of our core production hubs with an emphasis on high-graded projects that yield low cost, lower carbon barrels that are highly cash generative. At the same time, we're working with our partners to bring new sources of natural gas into production. These projects address affordability and increased energy security by supplying more gas to global energy markets as well as into domestic markets in Africa.

我們正在投資於我們每個核心生產中心的舊供應，重點是生產低成本、低碳桶的高等級項目，這些桶可以產生大量現金。與此同時，我們正在與我們的合作夥伴合作，將新的天然氣資源投入生產。這些項目通過向全球能源市場和非洲國內市場供應更多天然氣來解決負擔能力和提高能源安全問題。

This assists our host countries in 2 ways. First, the revenues from the export of LNG can be invested in critical infrastructure to promote economic development. And second, providing baseload domestic gas supply will help expand access to electricity, a key goal in each of the countries where we work in Africa.

這在兩個方面幫助了我們的東道國。首先，液化天然氣出口收入可以投資於關鍵基礎設施，促進經濟發展。其次，提供基本負荷的國內天然氣供應將有助於擴大電力供應，這是我們在非洲工作的每個國家的一個關鍵目標。

Over the next year, we're targeting an increase in production of around 50% as we optimize current production and bring new projects online. But Kosmos, the expected cash flow from our current and planned activities enable selective reinvestment into the most compelling opportunities in our deep natural gas portfolio which can help meet demand and support the energy transition for decades to come. Longer term, we plan to continue shifting the balance of our portfolio from oil to natural gas and LNG to help meet the world's energy needs as cleaner natural gas displaces coal, heavy fuel oil and biomass as a primary source of energy in both developed and emerging economies.

在接下來的一年裡，我們的目標是將產量提高 50% 左右，因為我們會優化當前的生產並使新項目上線。但是 Kosmos，我們當前和計劃活動的預期現金流使我們能夠選擇性地再投資到我們深層天然氣投資組合中最引人注目的機會，這可以幫助滿足需求並支持未來幾十年的能源轉型。從長遠來看，我們計劃繼續將我們的投資組合從石油轉向天然氣和液化天然氣，以幫助滿足世界的能源需求，因為更清潔的天然氣正在取代煤炭、重油和生物質成為發達國家和新興市場的主要能源經濟體。

The world's demand for energy continues to grow, particularly in Africa and a few E&P companies are investing to meet this demand. Given the quality of our asset base and the wealth of opportunities within our differentiated portfolio, we believe Kosmos has an important role to play in helping address these global energy challenges.

世界對能源的需求持續增長，尤其是在非洲，一些 E&P 公司正在投資以滿足這一需求。鑑於我們資產基礎的質量和我們差異化投資組合中的豐富機會，我們相信 Kosmos 在幫助應對這些全球能源挑戰方面可以發揮重要作用。

Turning to Slide 4, which looks at the execution of our strategy over the past 5 years. Throughout its history, Kosmos has been contrarian in its thinking and has pursued a differentiated and often countercyclical strategy. Kosmos' strategy has delivered value for our investors over the last 5 years with more to come as we continue to execute on our plans.

轉到幻燈片 4，它審視了我們過去 5 年的戰略執行情況。縱觀其歷史，Kosmos 的思維一直是逆向的，並奉行差異化且通常是反週期的戰略。 Kosmos 的戰略在過去 5 年中為我們的投資者創造了價值，隨著我們繼續執行我們的計劃，未來還會有更多價值。

As part of our contrarian approach, while much of the industry moved onshore, we maintained our focus offshore where Kosmos has deep expertise. This decision provides an opportunity to take advantage of a market with few credible buyers for high-quality deepwater assets, enabling 3 strategic and value-accretive acquisitions.

作為我們逆向方法的一部分，雖然大部分行業都轉移到了岸上，但我們仍將重點放在 Kosmos 擁有深厚專業知識的海外。這一決定提供了一個機會，可以利用一個幾乎沒有可靠買家購買高質量深水資產的市場，從而實現 3 項戰略性和價值增值收購。

Where many peers have publicly stated, they are pursuing no or low growth, Kosmos has pursued a series of organic growth projects, which are planned to come online at time when the world needs more energy. We believe that the industry is underinvesting for the needs of the future and the companies with quality opportunities can outperform.

許多同行公開表示，他們追求無增長或低增長，而 Kosmos 則追求一系列有機增長項目，計劃在世界需要更多能源的時候上線。我們認為，該行業對未來需求的投資不足，擁有優質機會的公司可以跑贏大盤。

We're an early mover among our peers in transitioning our portfolio to gas, and we now have a unique hopper of world-class gas and LNG opportunities that are well aligned with the needs of the energy transition. And we've invested countercyclically when commodity prices were low to drive value across the portfolio, which should continue to play out over the next several years.

在我們的同行中，我們是將我們的產品組合轉向天然氣的先行者，我們現在擁有一個獨特的世界級天然氣和液化天然氣機會的料斗，非常符合能源轉型的需求。當大宗商品價格較低時，我們進行了逆週期投資以推動整個投資組合的價值，這應該會在未來幾年繼續發揮作用。

A fundamental measure of any E&P company valuation is its 2P reserve base, which for Kosmos has almost tripled over this time frame from around 200 million barrels of oil equivalent at the end of 2017 to around 550 million barrels of oil equivalent at the end of 2022 with a lengthy runway of additional discovered resource potential beyond that, which I'll talk more about on the next slide.

任何勘探與生產公司估值的一個基本衡量標準是其 2P 儲備基礎，對於 Kosmos 來說，這一基礎在這段時間內幾乎增加了兩倍，從 2017 年底的約 2 億桶石油當量增加到 2022 年底的約 5.5 億桶石油當量除此之外，還有很長的其他已發現資源潛力的跑道，我將在下一張幻燈片中詳細討論。

Turning to Slide 5. For an oil and gas company to have a sustainable future it needs a robust reserve base of advantaged hydrocarbons. As mentioned on the previous slide, over the last 5 years, our reserve base has enhanced materially in terms of size, quality and diversity.

轉到幻燈片 5。石油和天然氣公司要想擁有可持續發展的未來，就需要強大的優勢碳氫化合物儲備基地。如前一張幻燈片所述，在過去 5 年中，我們的儲備基地在規模、質量和多樣性方面都有了實質性的提高。

Breaking down these elements, our 1P proven reserves are weighted more towards oil today, reflecting the near-term exposure to low-cost, lower carbon barrels with high returns insured payback. On a 2P basis, our proved and probable reserves are reserve-to-production ratio of over 20 years and a split almost 50-50 oil to gas, demonstrating the future direction of the company. Our strategy is to invest our oil revenues into world-class gas and LNG opportunities, which are aligned with the energy transition.

分解這些因素，我們的 1P 探明儲量今天更傾向於石油，反映了近期對低成本、低碳桶和高回報保險回報的敞口。按 2P 計算，我們的探明儲量和概算儲量是 20 年以上的儲采比和幾乎 50-50 的油氣比，展示了公司未來的發展方向。我們的戰略是將我們的石油收入投資於世界級的天然氣和液化天然氣機會，這與能源轉型保持一致。

The chart on the right shows the diversity of the reserve base with a 2P reserve plus 2C contingent resource life of over 30 years across 5 countries. We have materially grown our reserve base over the last 5 years and expect further growth over the next 5 from our discovered resource base, highlighting the runway of future value creation for years to come.

右圖顯示了 5 個國家 2P 儲量加上 2C 或有資源壽命超過 30 年的儲量基礎的多樣性。在過去的 5 年裡，我們的儲量基礎有了實質性的增長，並預計未來 5 年我們發現的資源基礎將進一步增長，突出未來幾年創造價值的跑道。

Turning to Slide 6. The consistent pursuit of our strategy has created a unique investment proposition for investors, which is characterized by the elements on this slide, a portfolio of high-quality assets that have longevity. These assets are differentiated in that they offer material and visible near-term growth. The assets are highly cash generative with low breakevens and benefit from access to premium markets, giving us exposure to both Brent and international gas prices.

轉到幻燈片 6。我們對戰略的一貫追求為投資者創造了獨特的投資主張，其特點是這張幻燈片上的元素，即具有長壽的優質資產組合。這些資產的不同之處在於它們提供了物質和可見的近期增長。這些資產具有很高的現金生成能力，盈虧平衡點較低，並受益於進入高端市場的機會，使我們能夠接觸到布倫特和國際天然氣價格。

We have a unique set of gas and LNG opportunities that have the potential to capture that premium price upside that will allow us to transition more to gas over time. We have a management team focused on the execution of our clear strategy and meeting the expectations of our investors. We also continue to focus on capital discipline with a rigorous capital allocation framework. And finally, we have sector-leading ESG credentials, which I'll talk more about on the next slide.

我們擁有一套獨特的天然氣和液化天然氣機會，這些機會有可能抓住溢價上漲空間，使我們能夠隨著時間的推移更多地轉向天然氣。我們的管理團隊專注於執行我們明確的戰略並滿足投資者的期望。我們還通過嚴格的資本配置框架繼續關注資本紀律。最後，我們擁有行業領先的 ESG 證書，我將在下一張幻燈片中詳細討論。

Turning to Slide 7. Building our ESG credentials has been a core part of our strategy over the last 5 years. A key goal is to help our host nations develop their hydrocarbons in a responsible way and expand access to affordable, reliable energy. Through creating economic benefits, we help drive sustainable development in our host countries. I'm pleased to say we continue to deliver progress across the ESG spectrum in 2022.

轉到幻燈片 7。過去 5 年，建立我們的 ESG 證書一直是我們戰略的核心部分。一個關鍵目標是幫助我們的東道國以負責任的方式開發碳氫化合物，並擴大獲得負擔得起的可靠能源的機會。通過創造經濟效益，我們幫助推動東道國的可持續發展。我很高興地說，我們將在 2022 年繼續在 ESG 領域取得進展。

First, on environment. 2019, we set a carbon neutrality target of 2030 or sooner for our operated Scope 1 and Scope 2 emissions, which we achieved in both 2021 and 2022. We are building on this progress with a plan to disclose equity emissions and targets in this year's sustainability report. We are increasing the gas weighting of our portfolio with first gas at Tortue expected in the fourth quarter and a long pipeline of future gas projects, which should enhance our scope 3 emissions going forward.

第一，關於環境。 2019 年，我們為運營的範圍 1 和範圍 2 排放量設定了 2030 年或更早的碳中和目標，我們在 2021 年和 2022 年都實現了這一目標。我們正在取得這一進展，併計劃在今年的可持續發展中披露股權排放量和目標報告。我們正在增加我們投資組合中的天然氣權重，預計第四季度將在 Tortue 獲得第一批天然氣，以及未來天然氣項目的長管道，這應該會增加我們未來的範圍 3 排放量。

Second, on social. We care deeply about the people who work for Kosmos and those who work with Kosmos. In our host countries, we employ 100% local nationals and our offices in Dallas and Houston are consistently named among the top places to work in both cities. We aim to be a trusted partner and a good corporate citizen in our host countries, working with a range of stakeholders in our communities to facilitate sustainable development.

第二，關於社交。我們非常關心為 Kosmos 工作的人以及與 Kosmos 一起工作的人。在我們的東道國，我們 100% 僱用當地國民，我們在達拉斯和休斯敦的辦事處一直被評為這兩個城市的最佳工作場所。我們的目標是成為我們東道國值得信賴的合作夥伴和良好的企業公民，與我們社區的一系列利益相關者合作，促進可持續發展。

We have worked in this manner for nearly 20 years going back to when the company was founded. Each year, we find important social investment programs in Ghana, Equitorial Guinea, Senegal and Mauritania that are aimed at creating economic opportunity, advancing social progress and improving standards of living.

我們以這種方式工作了將近 20 年，可以追溯到公司成立之初。每年，我們都會在加納、赤道幾內亞、塞內加爾和毛里塔尼亞發現重要的社會投資項目，旨在創造經濟機會、推動社會進步和提高生活水平。

The success of the Kosmos Innovation Center is a prime example. This initiative in Ghana, Mauritania and Senegal invest in young entrepreneurs and small businesses outside the oil and gas industry. We train and empower young people to turn their ideas to the viable businesses, and we work alongside promising start-ups to help them reach their full potential. In Ghana, the Kosmos Innovation Center briefly entered into a partnership with the Mastercard Foundation, in which Mastercard will fund a significant expansion of the program across Ghana.

Kosmos 創新中心的成功就是一個很好的例子。加納、毛里塔尼亞和塞內加爾的這項倡議投資於石油和天然氣行業以外的年輕企業家和小企業。我們培訓和授權年輕人將他們的想法轉化為可行的企業，我們與有前途的初創企業合作，幫助他們充分發揮潛力。在加納，Kosmos 創新中心與萬事達卡基金會短暫建立了合作夥伴關係，萬事達卡將資助該計劃在加納的顯著擴展。

And finally, governance. Governance has always been a pillar of our business and start to the top with our experience and diverse Board of Directors down through to the executive leadership team and on to our employees. We have always taken an industry-leading position on transparency, publishing all of our material petroleum contracts online, along with all government payments.

最後，治理。治理一直是我們業務的支柱，從我們的經驗和多元化的董事會開始，一直到行政領導團隊和我們的員工。我們在透明度方面一直處於行業領先地位，在線發布我們所有重要的石油合同以及所有政府付款。

In summary, our consistent commitment to ESG and sustainability is a core value for Kosmos, one that has been recognized by stakeholders. MSCI, one of the leading ESG rating agencies recently run Kosmos AAA, the highest possible rating, which puts us in the top 20% of companies in our sector. (inaudible) Newsweek and Statista recently named Kosmos, one of America's most responsible companies for the third consecutive year. Our consistent focus on operating responsibly in all that we do supports our ability to deliver long-term value to our diverse range of stakeholders.

總而言之，我們對 ESG 和可持續發展的一貫承諾是 Kosmos 的核心價值，並得到了利益相關者的認可。 MSCI 是領先的 ESG 評級機構之一，最近對 Kosmos AAA 進行了最高評級，這使我們躋身該行業前 20% 的公司之列。 （聽不清）新聞周刊和 Statista 最近連續第三年將 Kosmos 評為美國最負責任的公司之一。我們始終專注於在我們所做的一切中以負責任的方式運營，支持我們為各種利益相關者提供長期價值的能力。

Switching gears, I would now like to look back at our solid delivery in 2022 and how we laid the foundation for future success. Turning now to Slide 9. 2022 was a year of strong operational delivery, supporting our longer-term strategic objectives. I'm proud to report that we delivered an injury and incident-free workplace with 0 recordable or lost-time safety incidents and no spills.

切換齒輪，我現在想回顧一下我們在 2022 年的穩健交付以及我們如何為未來的成功奠定基礎。現在轉到幻燈片 9。2022 年是運營交付強勁的一年，支持我們的長期戰略目標。我很自豪地報告，我們提供了一個無傷害和無事故的工作場所，可記錄或損失時間的安全事故為 0，並且沒有洩漏。

Our production of around 64,000 barrels of oil equivalent per day was in line with guidance, representing 17% growth over 2021. Our LNG development, Tortue Phase 1 is around 90% complete. Our other development projects are moving forward with Jubilee Southeast and Winterfell making good progress. Last quarter, we reached full payback from our most recent acquisition in Ghana, achieved in just 14 months, demonstrating our track record of value creation from M&A. And as flagged on the previous slide, our ESG progress was recognized by MSCI with its highest AAA rating.

我們每天生產約 64,000 桶石油當量，符合指導，比 2021 年增長 17%。我們的液化天然氣開發 Tortue 第一階段已完成約 90%。我們的其他開發項目正在推進，Jubilee Southeast 和 Winterfell 進展順利。上個季度，我們在加納的最近一次收購中僅用了 14 個月就實現了全部投資回報，展示了我們通過併購創造價值的記錄。正如上一張幻燈片所示，我們的 ESG 進展得到了 MSCI 的認可，並獲得了最高的 AAA 評級。

Turning to Slide 10. 2022 was a record year for Kosmos. There's a lot of important data on this slide but I'd like to highlight the standout points. Over the last 5 years, we've seen revenue and EBITDAX double. Liquidity has almost doubled over the same period, while net leverage is almost half, both a reflection of the growing financial resilience of the company.

轉到幻燈片 10。2022 年對 Kosmos 來說是創紀錄的一年。這張幻燈片上有很多重要數據，但我想強調突出的點。在過去 5 年中，我們看到收入和 EBITDAX 翻了一番。同期流動性幾乎翻了一番，而淨槓桿率幾乎減半，這都反映了公司財務彈性的增強。

As I mentioned earlier, our 2P reserves base has almost tripled from year-end 2017 to year-end 2022, alongside the diversification of our asset base. The scale of this reserve base underpins the future of the company and has enabled us to grow shareholder value. I'll now hand over to Neal to talk about the financial highlights of the year.

正如我之前提到的，從 2017 年底到 2022 年底，我們的 2P 儲備基礎幾乎增加了兩倍，同時我們的資產基礎也在多元化。這一儲備基礎的規模支撐著公司的未來，並使我們能夠增加股東價值。我現在將交給 Neal 來談談今年的財務亮點。

Thanks, Andy. Turning to Slide 11. As Andy said, 2022 was a record year for Kosmos, with the financial highlights noted on this slide. We've posted record revenue and EBITDAX for the year, helped by oil prices, but also by the highly accretive acquisition of the OxyGhana assets in late 2021.

謝謝，安迪。轉到幻燈片 11。正如 Andy 所說，2022 年對 Kosmos 來說是創紀錄的一年，這張幻燈片上列出了財務亮點。得益於油價以及 2021 年底對 OxyGhana 資產的高度增值收購，我們今年的收入和 EBITDAX 創下了歷史新高。

Free cash flow was strong with around $350 million for the year, which enabled us to pay down over $400 million of debt during the year, and we exited the year below our year-end net debt target of 1.5x. We expect further progress on debt paydown in 2023 at current oil prices with our free cash flow back-end loaded due to the timing of CapEx and production increases.

自由現金流強勁，全年約為 3.5 億美元，這使我們能夠在這一年償還超過 4 億美元的債務，並且我們在年終時以低於 1.5 倍的年終淨債務目標退出。由於資本支出和產量增加的時間安排，我們預計 2023 年的債務償還將在當前油價下取得進一步進展，我們的自由現金流量將在後端加載。

Turning to Slide 12, which looks at the fourth quarter in more detail. 4Q numbers came in largely as expected. CapEx in the quarter was slightly higher than guidance due to the timing of accrued CapEx on Tortue, which we flagged as a possibility when we reported last quarter. Depreciation was lower than guidance due to an increase of reserves at Jubilee booked at year-end. And as you've seen in today's press release, we have booked an impairment on 10 as now we forecast a more conservative activity set, which is deferred in time based on last year's well results.

轉到幻燈片 12，它更詳細地介紹了第四季度。第四季度的數據基本符合預期。由於 Tortue 應計資本支出的時間安排，本季度的資本支出略高於指導值，我們在上個季度報告時將其標記為一種可能性。由於年底登記的 Jubilee 儲備金增加，折舊低於指導值。正如您在今天的新聞稿中看到的那樣，我們已經對 10 進行了減值，因為現在我們預測的活動集會更加保守，根據去年的油井結果及時推遲。

The reduction to 2P reserves is fairly small at around 3.5%. However, the bulk of the impairment related to the timing and mix of reserves between oil and gas. We still believe 10 has significant potential, but it does carry more risk and therefore, any future activity must compete for capital with other opportunities across our portfolio, which we'll touch on a bit later when we talk about the year ahead. With that, I'll hand it back to Andy.

2P 儲備的減少量相當小，約為 3.5%。然而，大部分減值與石油和天然氣之間儲量的時間和組合有關。我們仍然相信 10 具有巨大的潛力，但它確實帶來了更多的風險，因此，任何未來的活動都必須與我們投資組合中的其他機會競爭資本，我們將在稍後討論來年時談到這一點。有了這個，我會把它還給安迪。

Thanks, Neal. Looking forward to 2023, we expect this year to be a major inflection point for Kosmos as we start to bring new developments online with multiple catalysts expected across the portfolio.

謝謝，尼爾。展望 2023 年，我們預計今年將成為 Kosmos 的一個重要轉折點，因為我們開始將新的開發項目上線，預計整個投資組合將出現多種催化劑。

Starting in Ghana on Slide 14. In late 2021, we materially enhanced our stake in Jubilee to almost 40% through the acquisition of Oxy's interest because we believed in the upside in the field. In 2021, the field produced 75,000 barrels of oil per day, and we expect it to increase by around 25% from that level to 95,000 barrels of oil per day this year due to the startup of the Jubilee Southeast project, which is on track to come online at the end of next quarter.

從幻燈片 14 的加納開始。2021 年底，我們通過收購 Oxy 的權益，將我們在 Jubilee 的股份大幅增加到近 40%，因為我們相信該領域的發展前景。 2021 年，該油田每天生產 75,000 桶石油，由於 Jubilee Southeast 項目的啟動，我們預計今年將比該水平增加約 25% 至每天 95,000 桶石油，該項目有望下季度末上線。

Jubilee is a big field, which continues to get bigger. From first production back in 2010, the total oil in place has more than doubled to around 2 billion barrels as the partnership has drilled more well to (inaudible) more productive horizons and proved more resource. We're now working closely with our partners to drive a higher recovery factor, which combined with more oil in place could increase gross recoverable reserves to over 1 billion barrels of oil equivalent with less than 40% of that produced to date.

禧年是一個大園地，它會繼續變大。自 2010 年首次投產以來，由於合作夥伴關係鑽探了更多井（聽不清）更多產地層並探明了更多資源，總石油儲量增加了一倍多，達到約 20 億桶。我們現在正與我們的合作夥伴密切合作以推動更高的採收率，這與更多的石油儲量相結合可以將總可採儲量增加到超過 10 億桶石油當量，而目前的產量不到 40%。

The partnership has identified more than 30 additional drilling locations, which should enable a production plateau at these higher levels for several years to come. Recent drilling progress has been excellent with 3 Jubilee Southeast wells drilled, all of which have come in ahead of expectations. The results have been encouraging from 2 dimensions. Firstly, the wealth have located reserves in more oil horizons than expected. And secondly, the primary horizons have indicated connectivity to the main Jubilee field. We look forward to providing further updates on this important project over the coming months.

該合作夥伴關係已經確定了 30 多個額外的鑽探地點，這些地點應該可以在未來幾年內實現更高水平的生產穩定。最近的鑽探進展非常順利，鑽探了 3 口 Jubilee Southeast 井，均超出預期。從兩個維度來看，結果令人鼓舞。首先，財富在比預期更多的油層中找到了儲量。其次，主要地平線表明與主禧年場的連通性。我們期待在未來幾個月內提供有關這一重要項目的進一步更新。

Elsewhere, we're working with the partnership on a commercial gas sales agreement to replace the arrangement whereby the government received gas for free until the end of 2022 under the terms of the initial Jubilee POD. There is an interim agreement for the first half of this year, which mirrors the key terms of the existing TEN gas sales agreements to take account of gas substitutes from TEN to fulfill the Jubilee gas obligation.

在其他地方，我們正在與合作夥伴就商業天然氣銷售協議進行合作，以取代政府根據最初的 Jubilee POD 條款在 2022 年底之前免費獲得天然氣的安排。今年上半年有一項臨時協議，反映了現有 TEN 天然氣銷售協議的關鍵條款，以考慮 TEN 的天然氣替代品來履行 Jubilee 天然氣義務。

We're also pleased with the progress made since the handover of operations and maintenance of the Jubilee FPSO last year, with cost savings and operational efficiencies materializing with more to go. OpEx in the second half of 2022 was 30% lower than the first half of the year. In 2023, Jubilee OpEx is expected to decline around 15% on a gross basis, which is rare in an inflationary environment. This equates to around a 25% reduction per barrel given the expected increase in production year-on-year.

我們也對自去年 Jubilee FPSO 的運營和維護移交以來取得的進展感到高興，成本節約和運營效率實現了更多。 2022 年下半年 OpEx 比上半年下降 30%。到 2023 年，Jubilee OpEx 預計將下降 15% 左右，這在通貨膨脹的環境中是罕見的。鑑於產量預計同比增長，這相當於每桶產量減少約 25%。

On TEN, the partnership is working to high grade the future opportunity set with production guidance for the year flat against current levels with no drilling activity currently planned for the year. Production guidance for both fields was provided by the operator in January with Jubilee at 95,000 barrels of oil per day gross and 10,000 to 20,000 barrels of oil per day gross.

在 10 日，該夥伴關係正在努力提高未來機會集，今年的生產指導與當前水平持平，目前沒有計劃進行今年的鑽探活動。運營商在 1 月份為這兩個油田提供了生產指導，Jubilee 的產量為每天 95,000 桶石油和每天 10,000 至 20,000 桶石油。

Turning to Slide 15. In Equatorial Guinea operations continue to go to plan. The key deliverable last year was the extension of the Ceiba and Okume licenses out to 2040, which has enabled the next phase of investment, including the planned 3 well infill drilling campaign beginning in the fourth quarter of 2023. We expect production this year in EG to be broadly flat year-on-year, although we do expect to see production levels rise towards the end of the year from the current level of approximately 30,000 barrels of oil per day gross on the back of the infill drilling program.

轉到幻燈片 15。赤道幾內亞的行動繼續按計劃進行。去年的主要成果是將 Ceiba 和 Okume 的許可證延長至 2040 年，這使得下一階段的投資成為可能，包括計劃於 2023 年第四季度開始的 3 口井加密鑽井活動。我們預計今年在 EG 生產與去年同期相比基本持平，儘管我們確實預計在加密鑽井計劃的支持下，產量水平將從目前每天約 30,000 桶石油的水平上升到年底。

In addition on exploration, we plan to progress the Akeng Deep ILX opportunity for drilling in the first half of 2024, along with the infill drilling program. Akeng Deep has the potential to create a step change in needing production, if successful. So well is a high-graded prospect, it delivers around 180 million barrels of resource in a deeper Albian horizon between the existing Ceiba and Okume fields and the source rock.

除了勘探，我們還計劃在 2024 年上半年推進 Akeng Deep ILX 鑽探機會以及加密鑽探計劃。如果成功，Akeng Deep 有可能在生產需求方面產生階梯式變化。高品位前景非常好，它在現有的 Ceiba 和 Okume 油田與烴源岩之間的更深的 Albian 地層中提供了大約 1.8 億桶資源。

In a success case, Ceiba will be tied back to the Ceiba FPSO, where there is ample spare capacity. There is also a significant follow-on potential with around 400 million barrels of resource identified in the deeper Albian horizon across Block S and EG-21. In the first quarter 2023, Kosmos was awarded a 24% working interest in Block EG-01, which contains an extension of this Albian trend.

在成功案例中，Ceiba 將與 Ceiba FPSO 綁定，那裡有充足的閒置產能。在 S 和 EG-21 區塊的更深的阿爾比安地層中發現了約 4 億桶資源，還有巨大的後續潛力。 2023 年第一季度，Kosmos 獲得了 EG-01 區塊 24% 的工作權益，其中包含這種阿爾比安趨勢的延伸。

Turning to Slide 16. In the Gulf of Mexico, this year's activity is largely focused on 3 areas: first, production optimization. On Kodiak, we have worked with our partners to formulate a workover plan for the Kodiak 3 well in the second half of the year. The world continues to experience productivity issues, but we anticipate the workover will restore production to a more normalized rate in the fourth quarter.

轉到幻燈片 16。在墨西哥灣，今年的活動主要集中在 3 個領域：首先，生產優化。在科迪亞克，我們與合作夥伴一起制定了下半年科迪亞克3井的修井計劃。世界繼續面臨生產力問題，但我們預計修井將在第四季度將生產恢復到更正常的水平。

We're also progressing the Odd job subsea pump project that was sanctioned last year. The project is approximately 30% complete and adding the pump is expected to increase oil throughput from the Odd Job field starting in the middle of 2024. Secondly, we continue to progress the winter fill development. The field development plan has been signed by all partners, and we're near to finalizing the production handling agreement and the export agreement, which will lock in production and pipeline capacity for the project. The rig is being contracted and we plan to start drilling the first Phase 1 wells when it arrives on location in the third quarter. This timing would allow for purse oil around the end of the first quarter of 2024 as previously communicated.

我們還在推進去年批准的 Odd job 海底泵項目。該項目已完成約 30%，增加泵預計將從 2024 年年中開始增加 Odd Job 油田的石油吞吐量。其次，我們繼續推進冬季填充開發。油田開發計劃已由所有合作夥伴簽署，我們即將敲定生產經營協議和出口協議，這將鎖定該項目的生產和管道能力。該鑽井平台正在承包，我們計劃在第三季度到達位置後開始鑽探第一階段的第一口井。如前所述，這個時間點將允許在 2024 年第一季度末左右獲得錢包石油。

Turning to Slide 17. The third area of focus for 2023 in the Gulf of Mexico is the Tiberius infrastructure-led exploration well. This is one of the few remaining 4-way structures in this prolific outboard Wilcox trend, where historical success rate for 4-way has been around 50%. We expect to spud the one in the second half of the year. We're targeting gross resource of around 135 million barrels of oil equivalent, and Kosmos has operatorship and a 1/3 interest alongside Oxy and Equine.

轉到幻燈片 17。墨西哥灣 2023 年的第三個重點領域是 Tiberius 基礎設施主導的勘探井。這是這種多產的 Wilcox 舷外機趨勢中為數不多的 4 通結構之一，4 通的歷史成功率約為 50%。我們希望在今年下半年開鑽。我們的目標是總資源量約為 1.35 億桶石油當量，Kosmos 與 Oxy 和 Equine 一起擁有運營權和 1/3 的權益。

The well is in close proximity to our production facility owned by one of the partners, which has sufficient spare capacity in the event of success. This is one of the best prospects in our exploration portfolio and could materially grow our Gulf of Mexico business.

該井靠近我們合作夥伴之一擁有的生產設施，如果成功的話，該設施有足夠的備用產能。這是我們勘探組合中最有前景的項目之一，可以極大地發展我們的墨西哥灣業務。

Turning to Slide 18. On Tortue, Phase 1 continues to progress with the project now around 90% complete, we wanted to show how the infrastructure will come together in the coming months. There are several key milestones through the year as we deliver the major work streams for the project.

轉到幻燈片 18。在 Tortue，第一階段繼續推進，該項目現已完成約 90%，我們想展示基礎設施將如何在未來幾個月整合在一起。在我們交付項目的主要工作流時，這一年有幾個關鍵的里程碑。

As announced in January, the FPSO left the yard in China and has made a short stop in Singapore to have a piece of equipment fitted and progressed commissioning. The vessel will then continue its journey to West Africa and is due to arrive in the second quarter as previously communicated.

正如 1 月份宣布的那樣，FPSO 離開了中國的船廠，並在新加坡短暫停留，安裝了一台設備並進行了調試。然後，該船將繼續前往西非，並將如前所述在第二季度抵達。

Construction of the hub terminal is now complete, as can be seen in the image on the slide with commissioning underway and completion expected ahead of the arrival of the floating LNG vessel. The foating LNG vessel is due to leave the construction yard in Singapore in the second quarter and is expected to arrive in West Africa in the third quarter.

樞紐碼頭的建設現已完成，如幻燈片中的圖片所示，調試正在進行中，預計將在浮式液化天然氣船抵達之前完工。這艘漂浮的液化天然氣船將於第二季度離開新加坡的建造場地，預計將在第三季度抵達西非。

On drilling, 4 wells have been drilled and completed. Flowback of the wells has demonstrated ranked significantly higher than required for Phase 1 liquefaction. On the subsea, the Amazon vessel has now arrived in the field to commence the deepwater pipeline, which will be followed by the installation of the subsea structures with subsequent mechanical completion and commissioning.

鑽探方面，已鑽完井4口。井的回流表明等級明顯高於第一階段液化所需的等級。在海底，亞馬遜船現已抵達現場開始深水管道，隨後將安裝海底結構，隨後進行機械完工和調試。

Tucker activities are due to begin in the second half of the year, targeting first gas in the fourth quarter as communicated by the operator BP with their fourth quarter results earlier this month. A huge amount has been achieved to date, and we look forward to reporting on these key milestones through 2023 as we continue to getting closer to the first gas.

Tucker 活動將於今年下半年開始，目標是在本月早些時候運營商 BP 公佈的第四季度第一批天然氣。迄今為止已經取得了巨大的成就，隨著我們繼續接近第一種天然氣，我們期待著在 2023 年之前報告這些關鍵里程碑。

Turning to Slide 19. Looking more broadly at our other gas opportunities in Mauritania and Senegal. In recent days, the partnership approved the LNG concept selection for the second phase of Tortue, which is an important step forward for the project. The partner selected a gravity-based structure, or GBS, which is an LNG storage tank with the base of the structure sitting on the Ceiba with the liquefaction units on top. The concept select adds around 2.5 million to 3 million tonnes per annum of LNG capacity to Tortue and includes new wells and subsea equipment that maximizes the use of the existing Phase 1 infrastructure.

轉到幻燈片 19。更廣泛地了解我們在毛里塔尼亞和塞內加爾的其他天然氣機會。近日，合作夥伴批准了Tortue二期LNG概念選擇，這是該項目向前邁出的重要一步。合作夥伴選擇了重力式結構或 GBS，這是一個液化天然氣儲罐，其結構底部位於木棉上，液化裝置位於頂部。該概念選擇每年為 Tortue 增加約 250 萬至 300 萬噸液化天然氣產能，並包括新井和海底設備，以最大限度地利用現有的第一階段基礎設施。

The partnership will work over the next year to optimize the size, cost and schedule prior to entering into fee and sanctioning the project. During this period of optimization work will start engaging with potential offtakers. Yakaar-Teranga, as BP recently stated, the partnership is working to develop a domestic gas to power scheme as a first step for the development. There is then the potential for a future LNG export opportunity to complement the domestic gas project.

該合作夥伴關係將在明年努力優化規模、成本和進度，然後再進入費用和批准項目。在此期間，優化工作將開始與潛在承購商接洽。 Yakaar-Teranga，正如 BP 最近所說，合作夥伴正在努力開發國內天然氣發電計劃，作為發展的第一步。那麼未來液化天然氣出口機會就有可能補充國內天然氣項目。

In BirAllah, we recently signed a new PSC with the government of Mauritania and are working with the partnership to progress that opportunity based on LNG export scheme. In terms of the total gas opportunity in Mauritania and Senegal, there's potentially around 15 Tcf of recoverable gas at each of Tortue, Varela and the Yakaar-Teranga for approximately 12 Tcf of recoverable gas next to Kosmos, which is around 2 billion barrels of oil equivalent.

在 BirAllah，我們最近與毛里塔尼亞政府簽署了一份新的 PSC，並正在與合作夥伴合作，以基於液化天然氣出口計劃推進這一機會。就毛里塔尼亞和塞內加爾的總天然氣機會而言，Tortue、Varela 和 Yakaar-Teranga 各可能有大約 15 Tcf 的可採天然氣，而 Kosmos 旁邊有大約 12 Tcf 的可採天然氣，約 20 億桶石油相等的。

The takeaway from this slide is that we have significant exposure to multiple potential future gas and LNG opportunities, and we are continuing to progress all of them to create future optionality for Kosmos. That's the overview of the planned activity set for 2023, and I'll now hand back to Neal to talk about our capital plan.

從這張幻燈片中得出的結論是，我們在未來有多種潛在的天然氣和液化天然氣機會，而且我們正在繼續推進所有這些機會，為 Kosmos 創造未來的選擇權。這是 2023 年計劃活動的概述，現在我將交還給 Neal 來談談我們的資本計劃。

Thanks, Andy. Turning now to Slide 20. With a busy year of activity, we remain committed to disciplined capital allocation. In 2023, we are targeting capital spend of between $700 million and $750 million, which is in line with 2022 levels as we continue to progress our 3 key developments. Approximately $250 million to $300 million is for maintenance activities across Ghana, EG and the Gulf of Mexico, which primarily includes our infill drilling programs and the subsea pump project in the Gulf of Mexico.

謝謝，安迪。現在轉到幻燈片 20。在忙碌的一年中，我們仍然致力於有紀律的資本配置。 2023 年，我們的目標是資本支出在 7 億至 7.5 億美元之間，這與 2022 年的水平一致，因為我們將繼續推進我們的 3 個關鍵開發項目。大約 2.5 億至 3 億美元用於加納、埃及和墨西哥灣的維護活動，其中主要包括我們的加密鑽井計劃和墨西哥灣的海底泵項目。

$350 million to $400 million is related to our 3 key development projects, Jubilee Southeast, Tortue Phase 1 and Winterfell. Between $50 million and $100 million is planned for our ILX activities in the GoM and EG, as well as the appraisal of our greater gas resources in Mauritania and Senegal. We also remain committed to continued debt paydown. At current oil prices, we expect to generate around $100 million to $200 million of free cash flow this year before working capital, which is back-end loaded as we reach the anticipated inflection point of lower CapEx and higher production. All excess cash flow this year will be prioritized to debt repayment.

3.5 億至 4 億美元與我們的 3 個重點開發項目有關，即 Jubilee Southeast、Tortue Phase 1 和 Winterfell。計劃為我們在 GoM 和 EG 的 ILX 活動以及對我們在毛里塔尼亞和塞內加爾的更大天然氣資源的評估投入 5000 萬至 1 億美元。我們還繼續致力於繼續償還債務。按照目前的油價，我們預計今年在營運資本之前產生約 1 億至 2 億美元的自由現金流，隨著我們達到預期的資本支出較低和產量較高的拐點，營運資本將在後端加載。今年的所有超額現金流將優先用於償還債務。

We remain focused on debt paydown until we get leverage to below 1.5x in a normalized oil price environment, which should come from both increased EBITDAX from higher oil production and continued reduction of absolute debt. When we reach that level, we have the potential for shareholder returns, which is an active conversation with our Board. But in the near term, we see debt pay down as the best use of cash flow to ensure we continue to strengthen the financial resilience of the company.

我們仍然專注於償還債務，直到我們在正常的油價環境中將槓桿率降至 1.5 倍以下，這應該來自石油產量增加帶來的 EBITDAX 增加和絕對債務的持續減少。當我們達到這一水平時，我們就有可能獲得股東回報，這是與我們董事會的積極對話。但在短期內，我們認為償還債務是現金流的最佳用途，以確保我們繼續加強公司的財務彈性。

Turning to Slide 21. Having outlined the capital plan for 2023 this slide shows the multiple catalysts we expect from that investment throughout the year. I don't plan to touch on every catalyst on the slide. But as you can see, there is a consistent stream of important milestones across each part of our portfolio. Already in the first 2 months of the year, we have finished drilling the Jubilee Southeast wells, which are expected online at the end of next quarter.

轉到幻燈片 21。在概述了 2023 年的資本計劃後，這張幻燈片顯示了我們預計全年該投資的多種催化劑。我不打算觸及幻燈片上的每一個催化劑。但正如您所看到的，我們產品組合的每個部分都有一連串的重要里程碑。在今年的前兩個月，我們已經完成了 Jubilee Southeast 油井的鑽探，預計將在下個季度末上線。

On Tortue, the FPSO has left the shipyard in China. The wells have all been drilled and completed, and we've announced further progress on Phase I. We'll be reporting on the rest of these catalysts as we move throughout the year. And as I mentioned on the prior slide, we expect to see a major inflection point in the second half of this year as CapEx ramps down and production ramps up in Ghana.

在 Tortue，FPSO 已經離開中國的造船廠。這些油井已經全部鑽完並完工，我們已經宣布了第一階段的進一步進展。我們將在全年行動時報告其餘這些催化劑。正如我在上一張幻燈片中提到的那樣，隨著加納的資本支出下降和產量增加，我們預計今年下半年將出現一個重大轉折點。

It's going to be a busy and exciting year across all of our geographies. With that, I'll hand it back to Andy to wrap up today's presentation.

這將是我們所有地區忙碌而激動人心的一年。有了這個，我會把它交還給安迪，讓他結束今天的演講。

Thanks, Neal. Turning to Slide 22 to conclude today's presentation. Kosmos has a differentiated strategy that we pursued countercyclically over the last 5 years. This has built a high-quality, diverse portfolio of low-cost, lower carbon oil assets, low-cost, lower carbon gas assets, which have longevity, a 2P reserve life of over 20 years. We plan to deliver around 50% growth in production between 2022 and 2024, and these assets have the potential to generate significant free cash flow with a major inflection point expected midyear as production grows and CapEx starts to fall.

謝謝，尼爾。轉到幻燈片 22 來結束今天的演示。 Kosmos 有一個差異化的戰略，我們在過去 5 年中反週期地奉行這一戰略。這已經建立了一個高質量、多樣化的低成本、低碳石油資產、低成本、低碳天然氣資產組合，這些資產具有長壽，2P 儲備壽命超過 20 年。我們計劃在 2022 年至 2024 年之間實現約 50% 的產量增長，這些資產有可能產生大量自由現金流，隨著產量增長和資本支出開始下降，預計年中將出現重大拐點。

A key differentiator of our portfolio is our deep hopper of future gas and LNG opportunities, which have exposure to premium international pricing. And finally, we have a management team focused on creating value for our investors with a clear strategy and rigorous capital discipline. Thank you. And I'd now like to turn the call over to the Operator to open the session for questions.

我們投資組合的一個關鍵差異化因素是我們對未來天然氣和液化天然氣機會的深度挖掘，這些機會具有國際溢價。最後，我們擁有一支專注於通過清晰的戰略和嚴格的資本紀律為投資者創造價值的管理團隊。謝謝。我現在想把電話轉給接線員，讓他打開會議提問。

(Operator Instructions) Our first questions come from the line of Charles Meade with Johnson Rice.

（操作員說明）我們的第一個問題來自 Charles Meade 和 Johnson Rice。

Andy, I wonder if you could talk us through, I guess, the process of selecting the gravity-based structure for Phase 2 of Tortue. And I'm not as familiar with those as a solution. So I'm curious why the departure from the design of Phase 1 being FLNG and what are the relative advantages of this gravity-based design concept? And what perhaps are some of the compromises that go along with those advantages?

安迪，我想知道你是否可以告訴我們為 Tortue 的第 2 階段選擇基於重力的結構的過程。而且我對這些解決方案並不熟悉。所以我很好奇為什麼第一階段的設計偏離了 FLNG，這種基於重力的設計理念的相對優勢是什麼？伴隨這些優勢而來的可能是哪些妥協？

Yes. Thanks, Charles. What don't I sort of start at the top. Clearly, BP as well communicated the decision around the Phase II concept decision. And I would say that all the partners, the governments, the NOCs, BP, Kosmos are aligned around building a West African Energy Hub. And ultimately, it's about alignment of strategy of developing resilient hydrocarbons for the energy transition. And Phase 2 is an important next step on that journey. I'm sure we'll get questions across many callers around the concept. So why don't I sort of address sort of 3 big questions, why the concept, the timing and the cost.

是的。謝謝，查爾斯。我不從頭開始。顯然，BP 還傳達了圍繞第二階段概念決策的決策。我要說的是，所有合作夥伴、政府、國家石油公司、BP、Kosmos 都圍繞建設西非能源中心達成一致。最終，它是關於為能源轉型開發彈性碳氫化合物的戰略調整。第二階段是這一旅程的重要下一步。我相信我們會收到很多來電者關於這個概念的問題。那麼，為什麼我不解決 3 個大問題，為什麼是概念、時間和成本。

I think when you look at the concept. We did a lot of work with the government, as I discussed, I think 3 months ago around ensuring that we had properly evaluated the concept and primarily as we look to the changing market conditions, what was the right next step in the development of the significant gas resource. So the decision around the gravity-based structure for Phase 2 is primarily sort of 3 primary considerations. One is the fundamental cost efficiency of the concept versus alternatives I think the second issue, which is unique around the GBS is you have the opportunity to upscale the storage, and that actually creates operational efficiencies as we integrate Phase I and Phase II.

我想當你看這個概念時。我們與政府做了很多工作，正如我所討論的那樣，我認為 3 個月前圍繞確保我們正確評估了這個概念，主要是當我們著眼於不斷變化的市場條件時，下一步的發展是正確的重要的天然氣資源。因此，圍繞第 2 階段基於重力的結構的決定主要是 3 個主要考慮因素。一個是概念與替代方案的基本成本效率，我認為第二個問題，圍繞 GBS 是獨一無二的，你有機會升級存儲，並且在我們整合第一階段和第二階段時實際上創造了運營效率。

And I think the third element that contributed to the decision was flexibility around financing if we choose to go down that path and then ultimately, the cost of that financing. So those are the 3 things that sort of drove the selection of the GBS for the midstream, but it's sort of worth, I think, reiterating that we have a Phase II concept, which is going to leverage heavily the infrastructure from Phase I to what a Phase II comprise of there's clearly additional wells, manifold of those, but we're going to debottleneck the FPSO. So the actual capital contribution to that is very small, use the existing pipeline, obviously, the bright water and the export. So you're adding some additional storage and you're adding the LNG processing on top.

我認為促成該決定的第三個因素是融資的靈活性，如果我們選擇沿著這條路走的話，最終是融資的成本。所以這些是推動中游選擇 GBS 的三件事，但我認為，重申我們有一個第二階段的概念是值得的，它將大量利用從第一階段到什麼的基礎設施第二階段包括顯然有更多的油井，其中有很多，但我們將消除 FPSO 的瓶頸。所以實際出資到那是很小的，利用現有管道，很明顯，明水和出口。因此，您要添加一些額外的存儲空間，並在頂部添加液化天然氣處理。

And again, to sort of anticipate onto the next question, where are you on the timing. I think we're really going to spend the next year through pre-drill, really ensuring that we've got the right approach to the market that we've evaluated optionality around the GBS. You can go concrete base, you can go steel-based and to fully optimize the concept and fine-tune the volume between 2.5 million tonnes and 3 million tonnes, which is really dependent on the debottlenecking of the FPSO.

再一次，預測下一個問題，你在時間上的位置。我認為我們明年真的會通過預演來度過，真正確保我們有正確的方法進入市場，我們已經評估了圍繞 GBS 的可選性。您可以採用混凝土基礎，也可以採用鋼材，並充分優化概念並微調 250 萬噸至 300 萬噸之間的體積，這實際上取決於 FPSO 的去瓶頸。

So a huge amount of work at the front end to front-end load that are particularly important given the inflation environment we're in. But again, this is a very cost competitive brownfield expansion of an existing LNG project. And therefore, we anticipate sort of entering feed, which BP would regard as the sanctioning of the project in about 12 months' time.

因此，考慮到我們所處的通貨膨脹環境，前端到前端負載的大量工作尤為重要。但同樣，這是現有液化天然氣項目的極具成本競爭力的棕地擴建。因此，我們預計會在大約 12 個月的時間內進入飼料，BP 將其視為對該項目的批准。

And then in terms of cost, it is, as I said, really cost competitive because of the brownfield expansion. The upstream relatively minor given the use of the existing infrastructure, additional wells, manifolds and then you've got the LNG processing itself, which we believe is absolutely top quartile versus other opportunities. So I think hopefully, Charles, that gives you the full view of the project. And as you can sense, I think we BP, the partnership are very excited about moving forward now on the next stage of the expansion of this -- of the development of this field.

然後就成本而言，正如我所說，由於棕地擴張，它確實具有成本競爭力。考慮到使用現有基礎設施、額外的油井、歧管，上游相對較小，然後你就有了液化天然氣加工本身，我們認為這絕對是與其他機會相比的前四分之一。所以我希望，Charles，這能讓您全面了解該項目。正如你所感覺到的，我認為我們 BP 的合作夥伴關係對於在這一領域的下一階段的發展中向前邁進感到非常興奮。

Yes. It is. It's an exciting prospect and when we're going to be able to follow for a while here. My follow-up, Jubilee Southeast, you made a couple of comments in your prepared remarks about and I think you also had some in the press release that not only did you establish pressure connectivity with the main field pays in Jubilee proper, but that you found -- it seems like you found maybe some new sand, some new reservoirs. And that is a -- that's a near-term upside for you guys, it seems like. So I wonder if you could perhaps elaborate a bit on your prepared remarks there.

是的。這是。這是一個令人興奮的前景，我們何時能夠在這里關註一段時間。我的後續行動，Jubilee Southeast，你在準備好的評論中發表了一些評論，我認為你在新聞稿中也有一些評論，你不僅建立了與 Jubilee 主油田的壓力連接，而且你發現——你似乎發現了一些新的沙子，一些新的水庫。這對你們來說是一個近期的好處，看起來像是。所以我想知道你是否可以詳細說明你在那裡準備好的發言。

You know iof you know. I think those 3 wells that we've drilled now in Jubilee Southeast were important. We're obviously testing an expansion of the field. From the slide that we included with our presentation, you can see the step out of the field to the Southeast. And so important that those wells actually delivered the subsurface results that we were hoping for. And actually, it was more than we'd hope for. We -- as you say, there were a couple of things that were important. We believe that we have the indication of connectivity to the main field, which clearly sort of says that there was additional resource sort of inboard of the wells that we drilled. And then we found some deeper horizons.

你知道你知道的。我認為我們現在在 Jubilee Southeast 鑽探的那 3 口井很重要。我們顯然正在測試該領域的擴展。從我們演示文稿中包含的幻燈片中，您可以看到從該領域向東南方向邁出的一步。如此重要，以至於這些油井實際上提供了我們希望的地下結果。實際上，這超出了我們的希望。我們——正如你所說，有幾件事很重要。我們相信我們有連接到主油田的跡象，這清楚地表明我們鑽井的內側有額外的資源。然後我們發現了一些更深層次的視野。

So I think if you step back from the detail Charles, you're absolutely right. Jubilee, as we said, is a big field gets bigger. We're continuing to see upside from the development of the field. And from a near-term perspective, having sort of derisk the subsurface now for Jubilee Southeast, at least for the initial phase of the field, we think there's additional follow-on potential. There were 30 development locations that we found, which gives you an indication, I think, of the longevity of the plateau that we can build.

所以我認為如果你從查爾斯的細節中退一步，你是絕對正確的。正如我們所說，禧年是一個越來越大的大園地。我們繼續從該領域的發展中看到好處。從近期的角度來看，至少對於 Jubilee Southeast 來說，至少在該領域的初始階段，我們認為現在有更多的後續潛力。我們找到了 30 個開發地點，我認為這表明我們可以建造高原的壽命。

Our next questions come from the line of Alex Smith with Investec.

我們的下一個問題來自 Investec 的 Alex Smith。

Just a question on TEN for me, please, today, just given the impairment. It looks like a decision has been taken on the back of the 2 strategic wells and the Greater Tom area back in 2022. So it would be good to hear your views on the medium-term prospects for that asset? And any opportunities you feel there could be to kind of get things back on track and grow the area, especially maybe the opportunity for gas for TEN as opposed to oil in terms of growth, given that gas agreements are being signed with the government. So any kind of clear views on TEN would be great

今天，請給我一個關於十的問題，只是考慮到損傷。似乎已經在 2022 年對 2 口戰略井和 Greater Tom 地區做出了決定。所以很高興聽到您對該資產的中期前景的看法？考慮到正在與政府簽署天然氣協議，任何你認為有可能讓事情重回正軌並發展該地區的機會，特別是在增長方面，可能是十個天然氣而不是石油的機會。所以對 TEN 有任何明確的看法都會很棒

Thanks, Alex. Good question. Look, when you step back from it from a reserves perspective, it was roughly more 3.5%. So there was some reduction in oil offset by some additions of gas. So sort of on a reserve basis, a relatively small impact across that trigger then the assessment against the ceiling test.

謝謝，亞歷克斯。好問題。看，當你從儲備的角度退後一步時，它大約是 3.5% 以上。因此，石油的減少被一些天然氣的增加所抵消。因此，在儲備的基礎上，觸發的影響相對較小，然後是針對上限測試的評估。

I think when we look at the investment in TEN, we actually see less capital going in, therefore, a more conservative development case. So there is future development in the field, but we are going to target lower risk areas where we have good well control. And fundamentally, for Kosmos, it's about how would that development therefore compete with other opportunities that we have in our portfolio.

我認為當我們查看對 TEN 的投資時，我們實際上看到投入的資金較少，因此是一個更保守的開發案例。因此，該領域有未來的發展，但我們將瞄准我們擁有良好控制的風險較低的地區。從根本上說，對於 Kosmos 來說，這是關於該開發如何與我們投資組合中的其他機會競爭。

Clearly, in the material today, we talked about the deep hopper of opportunities that we have in Mauritania and Senegal, opportunities that are opening up in the Gulf of Mexico and in Equitorial Guinea. So I think ultimately, this is about quality through choice and therefore, where TEN would rank in our future opportunities. So we do see future potential. It will be a combination in TEN of both oil and gas. But clearly, it's smaller than we'd anticipated, and therefore, the decision as we look at the capital allocation to take the impairment...

顯然，在今天的材料中，我們談到了我們在毛里塔尼亞和塞內加爾擁有的大量機會，以及正在墨西哥灣和赤道幾內亞開放的機會。所以我認為最終，這是通過選擇來提高質量，因此，TEN 將在我們未來的機會中排名。所以我們確實看到了未來的潛力。它將是石油和天然氣的十個組合。但很明顯，它比我們預期的要小，因此，當我們考慮資本分配以接受減值時的決定......

Our next questions come from the line of Neil Mehta with Goldman Sachs.

我們的下一個問題來自 Neil Mehta 與 Goldman Sachs 的對話。

So congratulations to you guys on getting the FPSO moving towards West Africa. I just would love your perspective on what are the gating items that we should be thinking about, about getting to first gas by the end of the year at Tortue Phase 1?

祝賀你們讓 FPSO 駛向西非。我只是希望您對我們應該考慮的門控項目有哪些看法，關於在年底前在 Tortue 第一階段獲得第一批天然氣？

Yes. Thanks, Neil. We've achieved a lot on the project. And as you say, it's not done yet, but we continue to make progress quarter-on-quarter. The FPSO is an important delivery in the first quarter, and we anticipate it being in location in the field in the second quarter so that's clearly a milestone for you to track. The FLNG vessel is targeted to leave Singapore in the second quarter getting there in the third quarter. So that's again an important milestone for you to track.

是的。謝謝，尼爾。我們在這個項目上取得了很多成就。正如你所說，它還沒有完成，但我們繼續按季度取得進展。 FPSO 是第一季度的重要交付，我們預計它會在第二季度到達現場，因此這顯然是您要跟踪的里程碑。 FLNG 船的目標是在第二季度離開新加坡，並在第三季度到達那裡。因此，這又是您要跟踪的一個重要里程碑。

In terms of the drilling of the wells sort of all complete, done, the completions flowed back and we're very positive about the well results. As we said in our remarks, we've achieved very significantly higher suppies for Phase 1 liquefaction so we feel good about the Southeast. We also feel very good about the hub terminal. I think we included some pictures in the deck, which show that the construction is complete, commissioning underway. And the last terminal will be ready to receive the FLNG vessel when it arrives in the third quarter.

就井的鑽探而言，全部完成，完成，完井回流，我們對油井結果非常樂觀。正如我們在評論中所說，我們已經為第一階段液化實現了非常高的供應量，因此我們對東南地區感覺良好。我們對樞紐航站樓也感覺很好。我想我們在甲板上放了一些照片，表明施工已經完成，調試正在進行中。最後一個碼頭將在第三季度抵達時準備接收FLNG船。

So really now, it's about the completion of the subsea installation. The Amazon vessel is on location in the field now. We'll complete the lay of the deepwater pipeline and then we start to install the structures. So I think as you sort of think about it, you're really into the completion of construction of the subsea through the third quarter, beginning of the fourth quarter, mechanically complete, which then enables first gas in the fourth quarter. So the big things to look at are, obviously, the arrival of the FPSO and its anchoring in position, the arrival of the FLNG vessel and it's looking at connection to the hub terminal, the completion of the installation of the deepwater pipeline and then the mechanical completion of the subsea equipment with the installation of the subsea equipment. Those are the big things. And as BP indicated in their results I think the closer we get to it, the more confident we get around the delivery of gas by the end of the year.

所以現在真的是關於海底安裝的完成。亞馬遜船現在就在現場。我們將完成深水管道的鋪設，然後開始安裝結構。所以我認為，正如你所考慮的那樣，你真的很喜歡在第三季度、第四季度初完成海底建設，機械地完成，然後在第四季度啟用第一批天然氣。因此，很明顯，需要關注的大事是 FPSO 的到達及其錨定位置、FLNG 船的到達以及它正在尋找與樞紐碼頭的連接、深水管道安裝完成，然後是隨著海底設備的安裝機械完成海底設備。這些都是大事。正如 BP 在他們的結果中指出的那樣，我認為我們越接近它，我們就越有信心在年底前完成天然氣交付。

This is the -- the follow-up question is a tricky one because maybe not all the moving pieces are there, so feel free to pass on it. But you gave a 2023 free cash flow number of $100 million to $200 million at current prices. I think for a lot of investors, what they're really planning for is 2024 because at that point, you've got Phase 1 coming online to get that big inflection. Is there any parameters that you can provide around what the free cash flow could look like ex Phase 2 where we haven't gotten to FID yet?

這是 - 後續問題是一個棘手的問題，因為可能不是所有的移動部分都在那裡，所以請隨意傳遞它。但你給出的 2023 年自由現金流量按當前價格計算為 1 億至 2 億美元。我認為對於很多投資者來說，他們真正計劃的是 2024 年，因為到那時，第一階段將上線以實現巨大的拐點。在我們還沒有進入 FID 的第 2 階段之前，您是否可以提供關於自由現金流量的任何參數？

I'm going to give Neal a minute to think about the answer to that question, Neal. But I think it's a great question because what we're talking about is the inflection point that is occurring in '23 for Kosmos. And mid-2023 middle of this year, we're going to start to see first product from Jubilee Southeast, which is a significant contribution to the growth in production. We obviously see an end of the capital going into that project. We then go through the back end of the year, and we see a continuing decline in CapEx as Tortue phase 1 is complete. And then we go into the beginning of '24 million start-up of production at the back end of '23 on Tortue and then the startup of production in winter sale at the end of the first quarter.

我要給 Neal 一點時間來思考這個問題的答案，Neal。但我認為這是一個很好的問題，因為我們正在談論的是 Kosmos 在 23 年出現的拐點。到 2023 年年中，我們將開始看到 Jubilee Southeast 的第一款產品，這對產量增長做出了重大貢獻。我們顯然看到該項目的資金已經結束。然後我們經歷了年底，隨著 Tortue 第一階段的完成，我們看到資本支出持續下降。然後我們在 Tortue 的 23 年底進入 2400 萬開始生產，然後在第一季度末冬季銷售開始生產。

So I think the most important thing is you're going to see a progressive increase in our free cash flow quarter-on-quarter as we go through the second half of this year into the first half of next year. And then once we're we have Winterfell on then you're starting to get to a sort of plateau number. Yes. So that inflection is really close. We're not far away now. The forecasting of free cash flow in '23 is going to be dependent on the exact timing of those projects. Could you move to '24, Neal?

因此，我認為最重要的是，隨著我們從今年下半年到明年上半年，您將看到我們的自由現金流逐季逐步增加。然後一旦我們有了臨冬城，你就會開始達到某種平穩狀態。是的。所以那個拐點真的很近。我們現在不遠了。 23 年自由現金流的預測將取決於這些項目的確切時間。你能搬到'24嗎，尼爾？

Yes. So without giving new numbers, (inaudible) all the things Andy said structurally are still sort of in play, which is sort of operating cash flow increases to the sort of maintenance or the CapEx required for the business to maintain that production certainly comes down quite a bit.

是的。因此，在不提供新數字的情況下，（聽不清）安迪在結構上所說的所有事情仍在發揮作用，即運營現金流增加到某種維護或企業維持生產所需的資本支出肯定會下降很多一點點。

I think the key piece that will continue to progress on top of that, we'll be we've got some choices then to make around sort of where do we redirect that incremental free cash flow. And I think we feel good and as we've said in the past around being able to direct cash flow towards future growth, high graded on to the projects that we want, continued debt paydown to get the balance sheet into a stronger, more resilient place and then an additional piece on top of that for shareholder returns. And so I think we should be unique in that ability to do all 3, given the quality of the portfolio and kind of where we are, and that's certainly where we're taking it.

我認為最重要的是將繼續取得進展，我們將有一些選擇，然後圍繞我們將增量自由現金流重定向到哪裡。而且我認為我們感覺很好，正如我們過去所說的那樣，能夠將現金流導向未來增長，高評級到我們想要的項目，繼續償還債務以使資產負債表變得更強大，更有彈性放置然後在股東回報之上再增加一塊。因此，考慮到投資組合的質量和我們所處的位置，我認為我們在做這三件事的能力上應該是獨一無二的，而這肯定是我們要做的。

Our next questions come from the line of Subhasish Chandra with The Benchmark.

我們的下一個問題來自 Subhasish Chandra 與 The Benchmark 的對話。

A couple of questions, follow-ups, I guess, on the gravity base. First is, how do you compare cycle times post FID for that versus floating? And what do you think about sort of the novelty of gravity base, at least for this purpose? Do you think it's -- it actually increases the risk or the operational risk or decrease is it?

幾個問題，後續行動，我想，關於重力基礎。首先，您如何比較 FID 後的周期時間與浮動週期？您如何看待重力底座的新穎性，至少為此目的？您認為它實際上是增加了風險或操作風險還是降低了？

Yes. No, good questions, thanks, Subhasish. The -- in terms of the cycle time, we would see the cycle time being very competitive with floating. I think simply because you've got a broader access to construction yards, shipyards relatively full at the moment. So I think you have a broader contracting base to draw upon. So we see no disbenefit from a contract cycle time.

是的。不，好問題，謝謝，Subhasish。 - 就週期時間而言，我們會看到週期時間與浮動時間非常有競爭力。我認為僅僅是因為你可以更廣泛地進入建築場，目前造船廠相對完整。所以我認為你有更廣泛的合同基礎可以利用。因此，我們認為合同周期時間不會帶來任何不利影響。

In terms of the novelty of it, it's a proven development approach, it's been used elsewhere. There are proven designs that have both a concrete base and a steel base so we don't see any increased complexity associated with the approach. In some respects, it's a very straightforward piece of design and engineering that's been proven. And as a base structure, it obviously gives you a very simple architecture then for putting the FLNG trains on a very simple sort of top side. So we think it has a lot of benefit in terms of both the contracting strategy, the access to different providers and ultimately, the architecture that you create.

就其新穎性而言，它是一種經過驗證的開發方法，已在其他地方使用。有經過驗證的設計同時具有混凝土底座和鋼底座，因此我們看不到與該方法相關的任何增加的複雜性。在某些方面，它是經過驗證的非常簡單的設計和工程。作為基礎結構，它顯然為您提供了一個非常簡單的架構，然後將 FLNG 列車放在一個非常簡單的頂部。因此，我們認為它在合同策略、對不同供應商的訪問以及最終您創建的架構方面都有很多好處。

So when you look at all of those combined, we think that it's the right approach. As I say, we looked at it from a capital efficiency perspective, which I've talked about, which is both cost and time. We looked at it from the ability to sort of create incremental operational efficiencies from fine-tuning the storage capacity and the greater flexibility to do that. And then if we chose from a financing perspective, we could create greater flexibility there. So I think we don't see any increased technical risk, in fact, probably nothing there where we feel we're taking there's any disbenefit to it. And I think in cycle times, it's absolutely competitive.

因此，當您綜合考慮所有這些因素時，我們認為這是正確的方法。正如我所說，我們從資本效率的角度來看待它，我已經談到過，這既是成本又是時間。我們從通過微調存儲容量和更大的靈活性來提高運營效率的能力來看待它。然後，如果我們從融資的角度進行選擇，我們可以在那裡創造更大的靈活性。所以我認為我們沒有看到任何增加的技術風險，事實上，我們認為我們正在採取的可能沒有任何不利之處。而且我認為在周期時間上，它絕對具有競爭力。

A follow-up. The Kodiak workover, what do you think that could do for Gulf volumes? How do you think of if everything worked out, exit Gulf volumes in '23?

跟進。 Kodiak 修井，您認為它可以為海灣產量做些什麼？如果一切順利，您如何看待 23 年退出海灣地區的交易量？

Yes. Well, I think we're -- great just to go back, obviously, the sidetrack well, we've had some skin issues. We've done a investigation, partners involved. We believe we have an effective way to intervene on the well work over the well and anticipate that it's going to execute in the sort of back end of the third quarter around the third quarter. So we'll have in the production impact in the fourth quarter.

是的。好吧，我認為我們 - 很高興回到過去，顯然，我們遇到了一些皮膚問題。我們已經進行了調查，涉及合作夥伴。我們相信我們有一種有效的方法來干預井上的油井工作，並預計它將在第三季度左右的第三季度末執行。因此，我們將在第四季度對生產產生影響。

I think in terms of the volumes probably coming from the well, we could probably around what Neal, double...

我認為就可能來自井的體積而言，我們可能會圍繞 Neal，將其加倍......

More than 2,000 barrels a day.

每天超過 2,000 桶。

Yes, a couple of thousand barrels a day net increase Subhasish. I think that's sort of -- it could be greater than that, but that's sort of what we're targeting.

是的，Subhasish 每天淨增加幾千桶。我認為這有點——它可能比這更大，但這就是我們的目標。

Our next questions come from the line of James Hosie with Barclays.

我們的下一個問題來自 James Hosie 與 Barclays 的對話。

Thanks for the presentation. So it's encouraging to see all the updates on Tortue. I'm just wondering if you want or need LNG offtake contracts before you sanction Phase II? And then also there's any update on the possibility of redirecting some of your Phase I cargoes to realize some of the upside to your contracted price?

感謝您的介紹。因此，看到 Tortue 上的所有更新令人鼓舞。我只是想知道在批准第二階段之前您是否想要或需要液化天然氣承購合同？然後還有關於重新定向你的一些第一階段貨物以實現你的合同價格的一些上行的可能性的任何更新？

Yes, good question, James. Fundamentally, Phase 2 is different from Phase 1. The capital that's involved is significantly lower. And therefore, we believe we absolutely will not require a full sale of the contracts before we sanction. I think that with the announcement now of Phase II in terms of the concept and the scale and the timing of the project, we intend to engage in the market in this year to look at options that we have around flexibility on sales. And without wanting to preempt that process, I would say there will be an element of fixed to it. We'll have to review what indexes we choose and how we manifest. And I believe that we will have an element of spot in it as well to be able to fully capture upside. So we will not have to have sold all of the gas at FID. And so the FID is sort of separating from that, whereas when we're at Phase 1, it was very much linked.

是的，問得好，詹姆斯。從根本上說，第二階段與第一階段不同。所涉及的資本要少得多。因此，我們相信我們在製裁之前絕對不會要求全部出售合同。我認為，隨著第二階段項目的概念、規模和時間的公佈，我們打算在今年參與市場，看看我們在銷售方面有哪些選擇。在不想搶占該流程的情況下，我想說它會有一個固定的元素。我們將不得不審查我們選擇的索引以及我們如何體現。而且我相信我們也將在其中佔有一席之地，以便能夠充分把握上行空間。所以我們不必在 FID 出售所有的天然氣。因此，FID 有點與之分離，而當我們處於第 1 階段時，它有很大的聯繫。

On Phase 1 with the cargo opportunities, we continue to make progress on that. We have engaged now with a sort of high-graded list of potential buyers. We're working with those buyers on a contract structure, which we believe will give us the best opportunity to capture the upside. And we anticipate that we would be in a position to sort of select the high-graded buyer and the contract structure probably in the first half of this year.

在具有貨運機會的第一階段，我們繼續在這方面取得進展。我們現在已經接觸了一份高等級的潛在買家名單。我們正在與這些買家合作制定合同結構，我們相信這將為我們提供抓住優勢的最佳機會。我們預計我們可能會在今年上半年選擇優質買家和合同結構。

With regard to BP Gas Marketing, we've continued to debate, discuss with them the contract structure. There's clearly a difference of opinion between us in terms of how it would actually operate so when you have a disagreement amongst friends, we've gone to a third party. So we have agreed to go to arbitration and have the contract interpreted for us. And this is actually a good thing. It's a positive outcome because it allows us to get everything clear before we would start to use those cargo optimization options, which comes at the end of the commissioning period, which is sort of around the middle of '24.

關於 BP Gas Marketing，我們繼續爭論，與他們討論合同結構。就實際運作方式而言，我們之間顯然存在意見分歧，因此當您在朋友之間發生分歧時，我們會求助於第三方。所以我們同意進行仲裁，並由我們來解釋合同。這實際上是一件好事。這是一個積極的結果，因為它使我們能夠在開始使用這些貨物優化選項之前弄清楚一切，這些優化選項是在調試期結束時出現的，大約在 24 世紀中期。

So getting everything lined out and sorted out in terms of how it would actually work is an important step forward. And we'd have all of that sorted out, I think, within a year as we go through that process. So those are the key updates. But going to the market now with Phase 2 at the same time as we're discussing Phase 1 allows us to get a really good understanding of the sort of fixed nature of the future contracts and the spot nature and then optimizing that between Phase 1 and Phase 2.

因此，根據實際工作方式對所有內容進行排列和整理是向前邁出的重要一步。我認為，在我們完成該流程的過程中，我們會在一年內解決所有這些問題。所以這些是關鍵更新。但是現在在我們討論第一階段的同時進入第二階段市場，這讓我們能夠很好地理解未來合約的固定性質和現貨性質，然後在第一階段和第一階段之間進行優化。階段2。

Okay. I guess, a follow-up for me just if I just wonder a little bit about the future project you've got both in Senegal and Mauritania. I guess we've seen some press reports that, I guess, naturally indicate the country is very eager for you to get on and develop them. Is there increasing pressure on yourselves in BP to commit to Yakaar-Teranga or is it just noise?

好的。我想，如果我只是對你們在塞內加爾和毛里塔尼亞的未來項目有一點好奇，我想這是我的後續行動。我想我們已經看到一些新聞報導，我想，自然而然地表明這個國家非常渴望你繼續發展它們。在 BP 中，你們對 Yakaar-Teranga 的壓力越來越大，還是只是噪音？

No. Look, I think it's actually a positive, James. I wouldn't see it as a negative. As I sort of step back, I think yes, real alignment amongst the government, the NSCs, BP, Kosmos around the development of our resources. And again, from a BP perspective, they view it as a key part of their strategy for the development of Brazilian hydrocarbons. So I think we're moving forward on both of Yakaar-Teranga and Borela. Yakaar-Teranga will have a domestic element to it.

不，看，我認為這實際上是積極的，詹姆斯。我不認為這是負面的。當我退後一步時，我認為是的，政府、NSC、BP、Kosmos 圍繞我們的資源開發進行了真正的協調。而且，從 BP 的角度來看，他們將其視為他們開發巴西碳氫化合物戰略的關鍵部分。所以我認為我們在 Yakaar-Teranga 和 Borela 方面都取得了進展。 Yakaar-Teranga 將具有國內元素。

Clearly, the project is aimed at displacing heavy fuel -- expensive heavy fuel on for power generation in Senegal and enables us to start the project in that way with a competitive domestic gas project with the option then of LNG export. In Mauritania, the -- there is a difference because you're looking primarily at an LNG scheme there. And again, we're looking at a way in which we can get an efficient phased approach that uses some existing infrastructure in a port in Mauritania.

顯然，該項目旨在取代重質燃料——塞內加爾將昂貴的重質燃料用於發電，並使我們能夠以這種方式啟動具有競爭力的國內天然氣項目並可選擇 LNG 出口的項目。在毛里塔尼亞，——這是不同的，因為你主要關注那裡的液化天然氣計劃。再一次，我們正在尋找一種方法，我們可以通過這種方法獲得一種有效的分階段方法，該方法使用毛里塔尼亞港口的一些現有基礎設施。

So for us, it is about how do we continue to progress those projects and that absolute alignment between BP and Kosmos to do that, do it in a way where we come up with really competitive schemes that compete. And yes, ultimately, there may be a choice within Kosmos around which ones we invest in and which ones we bring in partners. But I think that's ultimately a great problem for us to have going forward.

所以對我們來說，這是關於我們如何繼續推進這些項目以及 BP 和 Kosmos 之間的絕對一致性來做到這一點，以我們提出真正具有競爭力的競爭計劃的方式來做到這一點。是的，最終，在 Kosmos 內部可能會選擇我們投資哪些項目以及引入合作夥伴。但我認為這最終是我們前進的一個大問題。

So I don't feel any pressure. I think it's great. I think we have a resource the world needs and we're addressing energy security in Europe. We're creating affordable power in Africa and ultimately contributing to a lower carbon fusion. If we can do all of that, I think we're only -- we will only create value for Kosmos' shareholders. So I'm excited about it in Phase I moving forward is just a signal, I think, of the progress that we're making.

所以我感覺不到任何壓力。我認為這很棒。我認為我們擁有世界需要的資源，我們正在解決歐洲的能源安全問題。我們正在非洲創造負擔得起的電力，並最終為低碳聚變做出貢獻。如果我們能做到所有這些，我認為我們只是——我們只會為 Kosmos 的股東創造價值。因此，我對第一階段的進展感到興奮，我認為這只是我們正在取得進展的一個信號。

Our next questions come from the line of Mark Wilson with Jefferies.

我們的下一個問題來自 Mark Wilson 與 Jefferies 的對話。

I got 2 questions, one on the GBS concept and one on exploration, please. On the GBS, you've talked before about the floating concept for Phase II being approximately $1 billion CapEx. Now that was a few years ago. We've had inflation and it appears to be a bigger scale. But I'm just wondering if you can give any sort of parameters to help us on what you think CapEx of that concept select could be, maybe as a percentage of Tortue Phase 1 as one example. Also on the GBS we've been... I was going on in that strikes me... Yes, one thing that strikes me is you built all these concrete caissons for Tortue Phase 1, so there's a big knowledge of using concrete to build large things in Senegal. So is that part of the concept like as well, local content and possibly building it there?

我有 2 個問題，一個關於 GBS 概念，一個關於探索。在 GBS 上，您之前曾談到第二階段的浮動概念約為 10 億美元的資本支出。那是幾年前的事了。我們經歷過通貨膨脹，而且規模似乎更大。但我只是想知道您是否可以提供任何類型的參數來幫助我們了解您認為該概念選擇的資本支出可能是多少，例如作為 Tortue 第一階段的百分比。同樣在 GBS 上，我們一直......我正在做的事情讓我印象深刻......是的，讓我印象深刻的一件事是你為 Tortue 第一階段建造了所有這些混凝土沉箱，所以有很多關於使用混凝土的知識在塞內加爾建造大型建築。那麼概念的這一部分是否也像本地內容，並可能在那裡構建？

Yes. All right, Mark. Yes, we'll do that one first. Just I think just sort of when we talked about costs in the past, and we talked about the $1 billion. It was clearly around at the time the upstream component on the basis of the sort of the lease midstream. So I think those were early costs, and I think that we'll do a lot better than that on the upstream now as we've done further work to delineate what's actually going to be required to debottleneck the infrastructure that we have in place today to take in another gas flow of around 400 million, 450 million standard cubic feet a day that you need to provide for 2.5 million to 3 million tonnes of LNG liquefaction. So I think that's the first point, yes.

是的。好吧，馬克。是的，我們會先做那個。我只是想，就像我們過去談論成本的時候，我們談論的是 10 億美元。根據租賃中游的種類，當時顯然圍繞著上游組件。所以我認為這些是早期成本，而且我認為我們現在會比上游做得更好，因為我們已經做了進一步的工作來描述實際需要什麼來消除我們今天已有的基礎設施的瓶頸每天吸收大約 4 億、4.5 億標準立方英尺的氣流，需要提供 250 萬至 300 萬噸液化天然氣液化。所以我認為這是第一點，是的。

So I think in terms of that $1 billion number, the actual upstream cost, I think, is going to be below that now that we've done the work. Then you come to the midstream. And clearly, we've got options to release finance, which we obviously, that would -- the capital will not be on our books or do we capitalize and that's a decision that we have yet to make. But clearly, when we look at the GBS as an option, we believe whether it's a capital or whether it's leased, it is more cost effective than going down the FLNG route. Does that make sense?

所以我認為就這 10 億美元的數字而言，我認為實際的上游成本將會低於現在我們已經完成的工作。然後你來到中游。很明顯，我們有釋放資金的選擇，我們顯然會 - 資金不會出現在我們的賬簿上，或者我們是否會資本化，這是我們尚未做出的決定。但顯然，當我們將 GBS 視為一種選擇時，我們相信無論是資本還是租賃，它都比走 FLNG 路線更具成本效益。那有意義嗎？

It does, yes, definitely. And then on that local content point, given, as I say, the Phase 1 Cason work that's gone on in Senegal?

確實如此，是的，絕對如此。然後關於本地內容點，正如我所說的那樣，考慮到在塞內加爾進行的第 1 階段 Cason 工作？

No, yes, absolutely, Mark. And again, what we're looking to do is build that local content as we look at Phase 2. What I don't want to do is sort of preempt the work that we'll do with the market as there are various ways of doing it. We can clearly do it with a concrete base. You can do it with a steel base and what we need to do is go out, work it with the market to come up with the most cost-effective way of doing it, and one that is aligned with the local content. So that -- I think what you're unpicking is we have some real optionality now of how we create the most capital-efficient -- most capitally efficient way of doing it and leveraging some of the knowledge that we've built from the past. So we see this as we say, it is absolutely the most cost-effective way to move forward. And it gives us the most flexibility on storage size and financing.

不，是的，絕對，馬克。再一次，我們要做的是在我們研究第 2 階段時構建本地內容。我不想做的是搶占我們將在市場上做的工作，因為有多種方式正在做。我們可以在混凝土基礎上清楚地做到這一點。你可以用鋼鐵基地來做，我們需要做的是走出去，與市場合作，找出最具成本效益的方法，並與當地內容保持一致。所以 - 我認為你要取消的是我們現在有一些真正的選擇權，我們如何創造最具資本效率 - 最具資本效率的方式來做這件事並利用我們從過去積累的一些知識.所以我們看到這個就像我們所說的，這絕對是最具成本效益的前進方式。它為我們提供了存儲規模和融資方面的最大靈活性。

Just one quick follow-up on a couple of really quite punching exploration wells in the coming year at Tiberius Akeng Deep. On that -- on the Akeng Deep, could you remind us who your partners are in Block S, please?

只需快速跟進來年在 Tiberius Akeng Deep 的幾口非常有衝擊力的勘探井。關於那個——在 Akeng Deep 上，你能提醒我們你在 Block S 的合作夥伴是誰嗎？

So our partners in...

所以我們的合作夥伴在...

The partners in blockchain (inaudible).

區塊鏈中的合作夥伴（聽不清）。

And (inaudible) yes.

並且（聽不清）是的。

All (inaudible) about that great question, Mark. Important about that is that, again, we see it as being highly prospective. This is an untested deeper objective. Clearly, between the source rock and the currently producing horizons in Ceiba and Okume with a very solid away structure. And the great thing about it is then the alignment around the partnership that enables us then to bring it back to the existing capacity that we have in Ceiba and Okume. So no, we're excited by it. I think it's a great exploration prospect. But actually, the CapEx again it's a very low-cost F&D because of the existing capacity in Ceiba and Akume and the fact that we have alignment amongst the partnership.

馬克，所有（聽不清）都是關於這個重要問題的。重要的是，我們再次認為它具有很高的前瞻性。這是一個未經檢驗的更深層次的目標。顯然，在 Ceiba 和 Okume 的烴源岩和目前正在生產的層位之間，具有非常堅固的遠離結構。最棒的是圍繞合作夥伴關係的調整使我們能夠將其恢復到我們在 Ceiba 和 Okume 的現有能力。所以不，我們對此感到興奮。我認為這是一個很好的探索前景。但實際上，資本支出再次成為成本非常低的 F&D，因為 Ceiba 和 Akume 的現有產能以及我們在合作夥伴關係中保持一致的事實。

(Operator Instructions). Our next questions come from the line of Matt Smith with Bank of America.

（操作員說明）。我們的下一個問題來自美國銀行的 Matt Smith。

I just wondered if I come back to the free cash flow guidance for 2023, please. And I guess just in light of [indisscernible], how that compares to the results in 2022, given production, I guess, broadly flat. It's slightly up, CapEx broadly the same. Clearly, there's a macro element. But I think on -- due to the hedges in 2022, your post-hedge realized price wasn't too far from what we see on prescribed today. So I just want to make sure if I'm missing anything in terms of moving parts for free cash flow in 2023, please?

我只是想知道我是否會回到 2023 年的自由現金流指導。而且我想就 [音頻不清晰] 而言，這與 2022 年的結果相比如何，考慮到產量，我想大致持平。它略有上升，資本支出大致相同。顯然，有一個宏觀因素。但我認為——由於 2022 年的對沖，你的對沖後實現價格與我們今天看到的規定價格相差不遠。所以我只想確定在 2023 年自由現金流的移動部件方面是否遺漏了任何東西，好嗎？

And then I think a related follow-up would probably be just to check on shareholder returns. Am I interpreting the comments correctly that that's probably a story for 2024 if we're looking at further deleveraging across 2023, please?

然後我認為相關的後續行動可能只是檢查股東回報。如果我們正在考慮在 2023 年進一步去槓桿化，那麼我是否正確地解釋了這可能是 2024 年的故事？

Yes, sure, Matt. The -- yes, so when you sort of reconcile '23 versus '22, clearly, production is higher, and we're sort of forecasting a lower sort of oil price, which is the biggest sort of impact to that free cash flow number.

是的，當然，馬特。 - 是的，所以當你將 23 年與 22 年進行比較時，很明顯，產量更高，我們預測油價會下降，這是對自由現金流量的最大影響.

As you noted, hedges aren't a headwind. We've put in the floors around in the 70s and have ceilings up to 110 on average. And so we've got much better access to higher oil prices as the year goes down -- as the year goes on. OpEx clearly is trending slightly higher, but it's lower on a per barrel basis given sort of the increased amount of production we're running through.

正如您所指出的，對沖並不是逆風。我們在 70 年代左右鋪設了地板，平均天花板高達 110。因此，隨著時間的推移——隨著時間的推移，我們可以更好地獲得更高的油價。 OpEx 顯然呈略微上升趨勢，但考慮到我們正在增加的產量，每桶的運營成本較低。

Just from a free cash flow perspective, as you said, sort of CapEx is about the same. There is a bit higher interest cost, just given we do have some variable rate debt and then cash taxes are a bit higher, partially just reflecting timing. So easy taxes are paid sort of year arrears. And therefore, the benefit we got from last year will pay a little higher tax on that front this year. But on the whole, we generated about $400 million to $350 million of free cash flow last year at $100 oil. The sensitivity is still around $100 for every $5 in oil price, and we're assuming sort of oil price between sort of 80% and 85%. So that's the biggest portion of the difference...

正如您所說，從自由現金流的角度來看，資本支出大致相同。利息成本有點高，只是因為我們確實有一些可變利率債務，然後現金稅有點高，部分只是反映了時機。如此簡單的稅款就被拖欠了一年。因此，我們從去年獲得的收益今年將在這方面支付更高的稅。但總的來說，我們去年在 100 美元油價的情況下產生了大約 4 億至 3.5 億美元的自由現金流。油價每 5 美元的敏感性仍然在 100 美元左右，我們假設油價在 80% 到 85% 之間。所以這是最大的區別......

(inaudible) just on the shareholder distributions.

（聽不清）僅關於股東分配。

Sorry, can you repeat the question Matt.

抱歉，馬特，你能重複這個問題嗎？

Yes. Sure. Sorry, I just wanted to double check whether I was interpreting the comments correctly. I think you referenced that 100% of free cash flow in '23 will go to deviate the balance sheet. So therefore, are we thinking about shareholder returns B&A 2024 story?

是的。當然。抱歉，我只是想仔細檢查一下我是否正確解讀了評論。我認為你提到 23 年 100% 的自由現金流將偏離資產負債表。因此，我們是否在考慮股東回報 B&A 2024 的故事？

Correct. Yes. I think that's the way to think about it. I think as we get towards through the sort of midyear inflection point, we'll be closer to the point to where we can provide sort of external guidance in terms of what that looks like in '24 and beyond. I think there are clearly a number of moving parts, both on the oil price and the project side that we are working through. And like I said, it is an active discussion with the Board in terms of what is the quantum and inform of those -- of that shareholder return policy. But it is a 24 plus given sort of oil prices backed off a bit from where they were 6 months ago.

正確的。是的。我認為這就是思考它的方式。我認為，隨著我們接近年中拐點，我們將更接近於可以就 24 世紀及以後的情況提供某種外部指導的地步。我認為在油價和我們正在努力的項目方面，顯然有許多活動部分。就像我說的那樣，這是與董事會就股東回報政策的數量和通知進行的積極討論。但它是一個 24 加給定的油價從 6 個月前的位置回落了一點。

Thank you. At this time, we have reached the end of our question-and-answer session. With that, I would like to bring the call to a close. Thanks to everyone for joining today. You may disconnect your lines at this time, and thank you for your participation.

謝謝。此時，我們的問答環節已經結束。至此，我想結束電話會議。感謝大家今天的加入。此時您可以斷開您的線路，感謝您的參與。