Kosmos Energy Ltd (KOS) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to Kosmos Energy third-quarter 2024 conference call. As a reminder, today's call is being recorded.

大家好，歡迎參加 Kosmos Energy 2024 年第三季電話會議。提醒一下，今天的通話正在錄音。

At this time, let me turn the call over to Jamie Buckland, Vice President, Investor Relations at Kosmos Energy.

現在，讓我將電話轉給 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 third quarter 2024 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，也謝謝大家今天加入我們。今天早上，我們發布了 2024 年第三季財報。本新聞稿和今天電話會議隨附的幻燈片簡報可在我們網站的投資者頁面上取得。

Joining me on the call today to go through the materials are Andy Inglis, Chairman and CEO; and Neal Shah, CFO.

今天與我一起參加電話會議並查看這些材料的是董事長兼首席執行官安迪·英格利斯 (Andy Inglis)；和財務長尼爾·沙阿。

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 for more details. These documents are available on our website.

在今天的演講中，我們將做出涉及我們的估計、計劃和期望的前瞻性陳述。由於我們在本簡報以及我們在英國和美國證券交易委員會的文件中指出的因素，實際結果和成果可能會存在重大差異。更多詳情請參閱我們的年報、證券交易所公告。這些文件可在我們的網站上找到。

At this time, I'll turn the call over to Andy.

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 third-quarter results call.

謝謝傑米，祝大家早安、下午好。感謝您今天參加我們的第三季業績電話會議。

I'll start today's call by looking at the operational momentum and enhanced financial resilience we have built across the business during the quarter. I'll then hand over to Neal to look at the numbers in more detail, touching on some of the key financial objectives we completed in the last few months. Neal will then look forward to 2025, where we'll discuss our CapEx plans for the year ahead before I wrap up. We'll then open the call for Q&A.

我將首先回顧本季我們整個業務的營運動能和增強的財務彈性。然後，我將交給尼爾更詳細地查看這些數字，並討論我們在過去幾個月中完成的一些關鍵財務目標。然後，Neal 將展望 2025 年，在我結束發言之前，我們將討論未來一年的資本支出計劃。然後我們將開始問答環節。

Starting on slide 3. Two years ago, we said our target to grow production by 50% from around 60,000 barrels of oil equivalent per day to around 90,000 barrels of oil equivalent per day. As this slide highlights, we're making good progress towards that goal.

從投影片 3 開始。兩年前，我們表示，我們的目標是將產量增加 50%，從每天約 6 萬桶油當量增加到每天約 9 萬桶油當量。正如這張投影片所強調的那樣，我們正在朝著這一目標取得良好進展。

In the Gulf of Mexico, in the third quarter, we achieved first production at Winterfell and completed two production enhancement projects at Kodiak and Odd Job, both of which are performing well. In Equitorial Guinea, the drilling campaign is underway with the first of two wells online in October and the second one expected online later this month.

在墨西哥灣，第三季度，我們在Winterfell實現了首次生產，並在Kodiak和Odd Job完成了兩個增產項目，這兩個項目都表現良好。在赤道幾內亞，鑽探活動正在進行中，兩口井中的第一口將於 10 月上線，第二口井預計將於本月稍後上線。

We expect to Spud Akeng Deep ILX well imminently with the results by year-end.

我們預計 Akeng Deep ILX 很快就能順利開工，並在年底前得到結果。

In Mauritania and Senegal, the partnership has made good progress over the last three months, with the project now nearing start-up. I'll talk more about that shortly. In Ghana, we finished the three-year drilling campaign midyear that are now optimizing the activity schedule for 2025.

在茅利塔尼亞和塞內加爾，過去三個月的合作夥伴關係取得了良好進展，該計畫現已接近啟動。我很快就會詳細討論這一點。在加納，我們在年中完成了為期三年的鑽探活動，目前正在優化 2025 年的活動計畫。

On the finance side, we've done a lot this year to enhance the financial resilience of the company by extending maturities, enhancing liquidity and simplifying the capital structure. Neal will go into more detail on these points later in the presentation.

在財務方面，我們今年做了很多工作，透過延長期限、增強流動性和簡化資本結構來增強公司的財務彈性。Neal 將在稍後的示範中詳細介紹這些要點。

So in summary, we're making good progress towards achieving our year-end goals. As production rises, we will remain focused on disciplined capital allocation with a plan to significantly reduce growth CapEx year on year. As we look ahead to 2025, we plan to prioritize free cash flow to enhance the value of the company for our shareholders.

總而言之，我們在實現年終目標方面取得了良好進展。隨著產量的增加，我們將繼續專注於嚴格的資本配置，並計劃大幅降低年成長資本支出。展望 2025 年，我們計劃優先考慮自由現金流，以提高公司對股東的價值。

Turning now to slide 4, which looks at the quarter in more detail. Gross Jubilee production in the quarter was around 87,600 barrels of oil per day with year-to-date production of just under 90,000 barrels of oil per day. FPSO uptime remained high at 99%, whilst voidage replacement or the water injected to replace produced fluids and maintain reservoir pressure was approximately 90% below the 100% target. This was a result of lower-than-planned uptime of the generator supplying power to the water injection pumps.

現在轉到投影片 4，該投影片更詳細地介紹了該季度。本季的 Jubilee 總產量約為每天 87,600 桶石油，而年初至今的石油產量則每天略低於 90,000 桶。FPSO 正常運作時間保持在 99% 的高水平，而空隙替換或註入水來替換產出液並維持油藏壓力大約比 100% 目標低 90%。這是因為向注水幫浦供電的發電機的正常運作時間低於計畫。

As I discussed in previous quarters to get maximum performance from the field, it's critical to sustain water injection at levels that achieve volume replacement in excess of 100%. Water injection has now been restored to record levels of around 300,000 barrels of water per day, which should enhance voidage replacement going forward.

正如我在前幾個季度所討論的，要從現場獲得最大性能，維持注水水平以實現超過 100% 的體積替代至關重要。注水量現已恢復至每天約 30 萬桶水的創紀錄水平，這將增強未來的注水量。

Third-quarter gross gas production averaged 12,700 barrels of oil equivalent per day, which was lower quarter-on-quarter, reflecting the planned downtime of the onshore gas processing plant we planned last quarter.

第三季天然氣總產量平均為每天 12,700 桶油當量，環比較低，反映出我們上季度計劃的陸上天然氣加工廠的計劃停工。

During the quarter, the partnership contracted a new 40 seismic survey over the Jubilee field starting early 2025. The survey will be the first 40 that the partnership has conducted in almost eight years having missed a cycle during COVID. It will utilize the latest processing techniques and should generate a significantly improved image of the reservoir and fluid movements, further enhancing our understanding of this world-class field. The results of the survey should help the high-grade well locations for the next phases of drilling.

本季度，該合作夥伴簽訂了從 2025 年初開始對 Jubilee 油田進行新的 40 次地震勘測的合約。這項調查將是該合作夥伴近八年來在新冠疫情期間錯過一個週期後進行的第 40 次調查。它將利用最新的處理技術，並應產生顯著改善的儲層和流體運動影像，進一步增強我們對這個世界級油田的了解。調查結果應有助於為下一階段的鑽探確定高品位井位。

On TEN, the field is performing slightly ahead of expectations with gross oil production of 18,500 barrels of oil per day in the quarter and 18,800 for the year-to-date. FPSO uptime remains high around 99%. In Equatorial Guinea, gross production averaged around 23,000 barrels of oil today.

十號油田的表現略優於預期，本季石油總產量為每天 18,500 桶，今年迄今為 18,800 桶。FPSO 正常運作時間維持在 99% 左右。赤道幾內亞今天的石油總產量平均約為 23,000 桶。

The Infill drilling campaign is underway with the first well online, increasing gross production to around 30,000 barrels of oil per day. The second infill well is expected online later this month. These two wells combined should add around 3,000 barrels of oil per day net to Kosmos by year end.

加密鑽探活動正在進行中，第一口井已上線，將總產量增加至每天約 30,000 桶石油。第二口加密井預計將於本月稍後上線。到年底，這兩口油井每天將為 Kosmos 淨增加約 3,000 桶石油。

Following these two Infill wells, we expect the Spud Akeng Deep ILX well imminently with the result by year-end. In the US Gulf of Mexico, production in the quarter was ahead of expectations at 70,000 barrels of oil equivalent net to Kosmos despite an active hurricane season. In early 3Q, we saw the startup of the Winterfell project with two wells online in July, followed by the third in early October. We successfully confirmed the extension of the main Winterfell reservoir to the south.

繼這兩口加密井之後，我們預計 Spud Akeng Deep ILX 井很快就會在年底得到結果。在美國墨西哥灣，儘管颶風季節活躍，但本季 Kosmos 產量仍超出預期，達到 70,000 桶石油當量。第三季初，我們看到 Winterfell 計畫在 7 月啟動，兩口井上線，隨後在 10 月初第三口井上線。我們成功確認臨冬城主水庫向南延伸。

It also confirmed a 20,000 barrel of oil equivalent per day gross production capacity from the first phase of drilling. However, shortly after the start of the third well, production of the field was curtailed due to sand production for the third well senior production facility. We're currently working with the operator to restart production from the first two wells, which collectively produced around 13,000 barrels of oil equivalent per day gross and they're evaluating options to remediate the third well.

它也確認第一階段鑽探的總產能為每天20,000桶油當量。然而，在第三口井啟動後不久，由於第三口井高級生產設施出砂，該油田的產量受到限制。目前，我們正在與營運商合作，重啟前兩口井的生產，這兩口井的日總產量總計約為 13,000 桶油當量，他們正在評估修復第三口井的方案。

In the quarter, we also completed two important production enhancement projects with a successful workover of Kodiak and startup of the subsea pump project Odd Job, both of which are operated by Kosmos and are performing ahead of expectations. Current production in the US Gulf of Mexico has increased to approximately 20,000 barrels of oil equivalent per day, in line with expectations and around 50% higher than the first half of the year.

本季度，我們也完成了兩個重要的增產項目：Kodiak 的成功修井和海底泵計畫 Odd Job 的啟動，這兩個計畫均由 Kosmos 運營，且表現超出預期。目前美國墨西哥灣的產量已增加至約2萬桶油當量/日，符合預期，比上半年高出約50%。

On Tiberius, our next ILX project, where Kosmos is operator, we agreed with our 50-50 partner Occi to defer sanctions to the second half of 2025 to prioritize cash generation in 2025. We continue to progress the farm down the field and have good levels of interest.

對於我們的下一個 ILX 專案 Tiberius（Kosmos 是營運商），我們與 50-50 的合作夥伴 Occi 達成一致，將制裁推遲到 2025 年下半年，以便在 2025 年優先考慮現金產生。我們繼續推動農場的建設，並產生了濃厚的興趣。

Turning now to slide 5, which will provide an update on GTA. As the operator noted on their earnings call last week, good progress has been made across all the major work streams during the quarter. An LNG cargo has been brought in and the carrier is currently berthed alongside the hub terminal. LNG from the carrier is being introduced into the tank for the floating LNG vessel to accelerate the cooldown process and commence commissioning of the LNG trains.

現在轉到幻燈片 5，其中將提供有關 GTA 的最新資訊。正如該運營商上週在財報電話會議上指出的那樣，本季所有主要工作流程都取得了良好進展。液化天然氣貨物已運抵，運輸船目前停泊在樞紐碼頭旁。來自運輸船的液化天然氣被引入浮動液化天然氣船的儲罐，以加速冷卻過程並開始液化天然氣列車的調試。

The image on this slide and on the front cover of the presentation show the carrier at the hub terminal. After successful morning operations last quarter, the FPSO is expected to be ready to start up shortly with a handover from the contracted Technip Energies to BP operations. The subsea infrastructure is mechanically complete, which will enable first gas to flow from the field following FPSO startup. First LNG is expected around the end of the quarter, which is when we start to recognize production.

此幻燈片和簡報封面上的圖像顯示了樞紐終端上的承運人。繼上季度成功的早晨作業後，FPSO 預計很快就會準備好啟動，並將其從承包的 Technip Energies 移交給 BP 營運。海底基礎設施已經完成，這將使 FPSO 啟動後第一批天然氣能夠從現場流出。預計第一批液化天然氣將在本季末左右生產，屆時我們將開始確認產量。

So in summary, significant progress over the last 3 months towards project startup, an important event of GTA partnership and the people of Senegal and Mauritania. I'll now hand it over to Neal to take you through the financials.

總而言之，過去三個月計畫啟動取得了重大進展，這是 GTA 夥伴關係以及塞內加爾和茅利塔尼亞人民的重要事件。現在我將把它交給尼爾來帶你了解財務狀況。

Thanks, Andy. Now turning to slide 6, which looks at the third quarter in more detail. Production for the quarter of 65,400 barrels of oil equivalent was up 5% versus the prior quarter but towards the bottom end of our guidance range, reflecting the first infill well in Equatorial Guinea coming online around 2 months later than initially planned and slightly lower Jubilee production. This was partially offset by the higher production in the Gulf of Mexico that Andy mentioned earlier.

謝謝，安迪。現在轉到幻燈片 6，其中更詳細地介紹了第三季。本季產量為 65,400 桶油當量，較上一季度增長 5%，但接近我們指導範圍的下端，反映出赤道幾內亞第一口加密井比最初計劃晚約 2 個月上線，且 Jubilee 產量略有下降。安迪之前提到的墨西哥灣產量增加部分抵消了這種影響。

Sales volumes were as expected, with three cargoes in Ghana and one in Equatorial Guinea. Costs were largely in line with guidance with OpEx slightly better, helped by lower-than-anticipated costs in Ghana for the quarter. CapEx came in slightly above the guidance range, which was a result of higher-than-forecasted spend on the EG drilling campaign in 3Q.

銷量符合預期，其中三批貨物在加納，一批在赤道幾內亞。成本基本上符合指引，營運支出略好，這得益於本季加納成本低於預期。資本支出略高於指引範圍，這是由於第三季 EG 鑽探活動的支出高於預期。

We now expect CapEx to be around $800 million for the year. This equates to around $100 million in 4Q, a significant reduction from previous quarters in 2024 and a good guide on where we expect quarterly CapEx to be in 2025.

我們現在預計今年的資本支出約為 8 億美元。這相當於第四季度約 1 億美元，比 2024 年前幾季大幅減少，並且很好地指導了我們預計 2025 年季度資本支出的情況。

Finally, as we mentioned last quarter, the working capital benefit from the first half of the year reversed in the third quarter, reflecting completion payments associated with projects delivered across the portfolio. This working capital movement was largely responsible for the cash outflow in 3Q.

最後，正如我們上季度所提到的，上半年的營運資本效益在第三季出現逆轉，反映出與整個投資組合交付的專案相關的竣工付款。這種營運資金變動是第三季現金流出的主要原因。

Turning to slide 7. During the quarter, we made significant progress to enhance the financial resilience of the company as we head into 2025. In September, we successfully issued $500 million of new senior notes due 2031 at 8.75%.

轉到投影片 7。本季度，我們在邁入 2025 年之際，在增強公司財務彈性方面取得了重大進展。9 月，我們成功發行了 5 億美元、2031 年到期的新優先票據，利率為 8.75%。

Alongside the new issue, we completed a series of tender offers to repurchase $500 million of our outstanding senior notes across multiple maturities, paying down the majority of our 2026 notes while also reducing the outstanding amounts of our notes due 2027 and 2028. The result of these transactions is that we have no maturities in 2025 and only a small stub in 2026, which we would anticipate paying with free cash flow from the business.

除了發行新債券外，我們還完成了一系列要約收購，回購5 億美元的多個期限的已發行優先票據，償還了2026 年票據的大部分，同時也減少了2027 年和2028 年到期票據的未償還金額。這些交易的結果是，我們在 2025 年沒有到期日，在 2026 年只有一小筆存根，我們預計將用業務的自由現金流來支付。

Also during the quarter, we added two new banks to our RBL syndicate, increasing our total commitments to the facility size of $1.35 billion. Post quarter end, we also canceled our undrawn revolving credit facility ahead of its year-end maturity, simplifying the capital structure. In addition, we continue to actively manage future price volatility through our rolling hedging program.

同樣在本季度，我們向 RBL 銀團增加了兩家新銀行，使我們對融資規模的總承諾增加到 13.5 億美元。季度末後，我們也在年底到期前取消了未提取的循環信貸額度，從而簡化了資本結構。此外，我們繼續透過滾動對沖計劃積極管理未來的價格波動。

We currently have around 45% of our first half of 2025 oil production hedged with downside protection of approximately $70 per barrel. We expect to continue this through end of the year layering in more hedges for 2025 as our 2024 hedges roll off, providing solid protection to our cash flow from potentially volatile oil prices in 2025.

目前，我們對 2025 年上半年石油產量的約 45% 進行了對沖，下行保護約為每桶 70 美元。隨著 2024 年對沖的結束，我們預計將在 2025 年繼續這項舉措，為 2025 年增加更多對沖，為我們的現金流提供堅實的保護，免受 2025 年潛在油價波動的影響。

Moving to slide 8. As mentioned previously, as products are delivered, we expect to see a material step down in CapEx with around $100 million expected in 4Q. This level of quarterly CapEx is a good representation of where we expect to be in 2025. As Andy talked about earlier, we plan to prioritize free cash flow next year and have, therefore, high-graded our maintenance capital to focus on drilling at Jubilee and Winterfell to mitigate decline in Ghana and the Gulf of Mexico. Equatorial Guinea will benefit from this year's infill drilling program, and we anticipate very low maintenance capital on GTA once the project is online.

轉到投影片 8。如前所述，隨著產品交付，我們預計第四季度資本支出將大幅下降，預計約 1 億美元。這一季度資本支出水準很好地代表了我們 2025 年的預期。正如安迪早些時候所說，我們計劃明年優先考慮自由現金流，因此，我們對維護資本進行了高評級，重點關注朱比利和臨冬城的鑽探，以緩解加納和墨西哥灣的衰退。赤道幾內亞將受益於今年的加密鑽井計劃，我們預計一旦該項目上線，GTA 的維護資本將非常低。

We will be disciplined in allocating capital to growth opportunities in 2025, ensuring we only spend what is needed to preserve our deep pipeline of growth options, which remains a key differentiator for our company. The growth options listed in the appendix consist of both high-quality oil and gas projects spread across our different business units.

我們將嚴格把資本分配給 2025 年的成長機會，確保我們只花費必要的資金來保留我們的深層成長選擇，這仍然是我們公司的關鍵差異化因素。附錄中列出的成長選項包括分佈在我們不同業務部門的高品質石油和天然氣項目。

Importantly, many of these are Kosmos operated, such as Tiberius, Yakaar-Teranga and Akeng Deep, which gives us much greater control over both pace and spend than we've had on projects in the past. With that, I'll hand it back to Andy to conclude today's presentation.

重要的是，其中許多項目都是 Kosmos 運營的，例如 Tiberius、Yakaar-Teranga 和 Akeng Deep，這使我們能夠比過去的項目更好地控制進度和支出。至此，我將把它交還給安迪來結束今天的演示。

Thanks, Neal. Turning now to slide 9. We've achieved a lot so far in 2024 with start of a new project and more to come as we close out the year. Production is now ramping up towards our target of approximately 90,000 barrels of oil equivalent per day around the end of the year. As Neal said on the previous slide, we expect CapEx to fall sharply in the fourth quarter, and then continue at this lower level through 2025.

謝謝，尼爾。現在轉到投影片 9。2024 年到目前為止，我們已經取得了許多成就，啟動了一個新項目，並且在這一年結束時還將取得更多成果。目前產量正在逐步增加，以實現年底前每天約 90,000 桶油當量的目標。正如 Neal 在上一張投影片中所說，我們預計資本支出將在第四季大幅下降，然後在 2025 年之前繼續保持在較低水準。

With its disciplined capital allocation, we plan to prioritize free cash flow delivery in 2025, we should allow us to pay down debt and reduce leverage. And finally, our differentiated operated growth projects portfolio provides significant optionality for the future with high-quality oil and gas investment opportunities with a much greater degree of control. Thank you, and I'd now like to turn the call over to the operator to open the session for questions.

憑藉嚴格的資本配置，我們計劃在 2025 年優先考慮自由現金流交付，這將使我們能夠償還債務並降低槓桿率。最後，我們差異化營運的成長項目組合為未來提供了重要的選擇，提供了高品質的石油和天然氣投資機會，並具有更大程度的控制力。謝謝，我現在想將電話轉給接線生開始提問環節。

(Operator Instructions) Charles Meade, Johnson Rice.

（操作員說明）查爾斯·米德、約翰遜·賴斯。

Andy, I want to ask a question about the 2025 CapEx outlook and the changes there. I recognize that, that 550 indication you had given was, I took it as more of a kind of a guideline. It wasn't necessarily a specific roster or perhaps it wasn't a specific roster of projects.

Andy，我想問一個有關 2025 年資本支出前景及其變化的問題。我認識到，您給出的 550 指示是，我將其更多地視為一種指導方針。它不一定是特定的名冊，或者可能不是特定的項目名冊。

But can you talk about the moving pieces? What maybe moved out of '25 and how much of that delta of 150 is related to Tiberius sliding to the back half of the year?

但你能談談那些令人感動的事情嗎？25 年可能發生了什麼變化？

Yes. Thanks, Charles. Yes, look, you're right. The 550 was more of a guideline. And we characterized it as saying it's around 200 to 250 going forward in growth on average and around maybe 300 to 350 in the base going forward.

是的。謝謝，查爾斯。是的，你看，你是對的。550更多的是一個指導方針。我們將其描述為，未來平均成長約為 200 至 250，基數成長約為 300 至 350。

So as we look towards '25, as we said in the remarks, our focus is on free cash flow delivery next year. And therefore, the CapEx 400 is ensuring that we put sufficient CapEx into the base. We have drilling projects in the Gulf of Mexico in Winterfell with two additional wells, and we have the restart of the Ghana infill program in Jubilee. In EG, there's not a lot of maintenance capital. We've had this drilling program in '24.

因此，當我們展望 25 世紀時，正如我們在評論中所說，我們的重點是明年的自由現金流交付。因此，CapEx 400 確保我們將足夠的資本支出投入基礎。我們在臨冬城的墨西哥灣有一個鑽探項目，另外還有兩口井，並且我們在朱比利重新啟動了加納加密項目。在EG，沒有太多的維護資金。我們在 24 年就進行了這個鑽探計畫。

And there's a little maintenance CapEx in GTA because we've got more than sufficient well capacity. So that's where the base spend is going to maintain the base. And then we are thinning down the growth CapEx. The prime remover is the one that you've identified, which is Tiberius. So essentially, that slides by about a year.

GTA 的維護資本支出很少，因為我們有足夠的油井產能。這就是基本支出將維持基本的地方。然後我們正在減少成長資本支出。主要去除劑就是您所確定的那個，即提比略。所以本質上來說，這個數字減少了大約一年。

The project is obviously still there. It's under our operatorship. We're aligned with Occi around the timing. So that's the primary delta. And then you've got a little bit of additional growth CapEx, just keeping everything ticking over.

該項目顯然仍然存在。它在我們的經營之下。我們與 Occi 在時間上保持一致。這就是主要的三角洲。然後你就有了一點額外的成長資本支出，只是讓一切順利進行。

So the other message of course, from this is that in deferring that growth CapEx, we're not actually damaging any of the growth options, it's simply about a shift probably in about a year in terms of the Tiberius timing.

當然，另一個訊息是，在推遲成長資本支出時，我們實際上並沒有損害任何成長選擇，這只是提比略時間安排上可能在大約一年後發生的轉變。

Got it. That's helpful detail. And then on the '25 Jubilee drilling, I wonder if you could talk a little bit more about what the priorities are there? I mean obviously, you're trying to get the FPSO up to capacity. But I imagine that whatever you learn from this -- from your 4D seismic shoot, it's going to be -- not going to have enough time to -- for that to inform your '25 drilling, but would you maybe confirm that and just talk about the goals of the '25 drilling program?

知道了。這是有用的細節。然後，關於 25 Jubilee 鑽探，我想知道您是否可以多談談優先事項是什麼？我的意思是，顯然，您正在努力使 FPSO 達到最大容量。但我想無論你從這件事中學到什麼——從你的4D 地震拍攝中，它都將——不會有足夠的時間——為你的25 鑽探提供信息，但你是否可以確認這一點並只是談談關於'25鑽探計劃的目標？

Yes. Well, so we started the next phase of drilling on Jubilee, Charles. And as we've sort of remarked, I think that I believe the 40 is going to have a big impact on that. And it's -- the actual line -- the acquisition techniques, it's a tow streamer. It's not -- haven't actually moved massively.

是的。好吧，查爾斯，我們開始了朱比利的下一階段鑽探。正如我們所說，我認為 40 將會對此產生重大影響。它是——實際的線路——採集技術，它是一個拖纜。實際上並沒有發生大規模的變化。

But clearly, the processing has both in terms of the quality of what you get and actually the timeliness of it, you get the product a lot earlier, yes. So we have a sort of a challenge to manage when we start, the earlier we start the better, but how do we ensure that we're fully incorporating that learning.

但顯然，加工既涉及您所獲得的產品的質量，又涉及其實際的及時性，您可以更早地獲得產品，是的。因此，我們在開始時面臨一個挑戰，越早開始越好，但我們如何確保我們完全融入所學。

Now there are a couple of wells where we know that the 40 is not going to have a big impact. So we have sort of a couple of wells that are secure from that perspective. And then you start to feather in the additional information that you get from the 4D seismic.

現在我們知道 40 號井不會對幾口井產生太大影響。因此，從這個角度來看，我們有幾口井是安全的。然後您開始添加從 4D 地震中獲得的附加資訊。

So in a way, it's just getting the right balance of how do you ensure you're taking full advantage of the seismic, but not waiting too long by where you're diminishing the impact of the infill program. So I think we've gotten the balance of that right now.

因此，在某種程度上，它只是在如何確保充分利用地震方面取得適當的平衡，但又不會因減少填充計劃的影響而等待太久。所以我認為我們現在已經取得了平衡。

Bob Brakett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

I had a question around Akeng Deep and then one around Tiberius that are somewhat related, we'll know something around Akeng Deep by year-end, I think you guided to. What are the implications for success case on capital for 2025? And I'll follow up with Tiberius.

我有一個關於阿肯深淵的問題，然後是一個關於提比略的問題，這些問題有些相關，我想你會在年底前對阿肯深淵有所了解。2025 年資本成功案例有何影響？我將跟進提比略。

Yes, you're right, Bob. Look, I think the Akeng Deep well is an important well because it opens up a whole new play that enables us to use existing infrastructure, it's ILX, tie back the wells. I think when you look at '25 with success in the Akeng Deep, we won't rush at it. I think what we want to do is make sure that we're high grading the right opportunities that exist across Equatorial Guinea. So we've had an infill program in (inaudible).

是的，你是對的，鮑伯。聽著，我認為阿肯深井是一口重要的井，因為它開闢了一個全新的領域，使我們能夠使用現有的基礎設施，它是 ILX，將油井綁起來。我想當你看到 25 年在阿肯深淵的成功時，我們不會急於求成。我認為我們想要做的是確保我們高度重視赤道幾內亞各地存在的正確機會。所以我們有一個填充程序（聽不清楚）。

There's more of those wells. With success of Akeng Deep, you have a deeper target that you can bring in. So I would see it actually impacting '26 forward when we're actually high-grading the capital that we planned before for '26 in Equitorial Guinea. And actually, it will be about debating an infill well and say (inaudible) versus Akeng Deep. Now the good news is, if you remember that we extended the leases in the blocks to out beyond 2040, all right?

這樣的井還有更多。隨著Aken Deep的成功，您可以引入更深的目標。因此，當我們實際上對我們之前為赤道幾內亞計劃的 26 年資本進行高評級時，我會看到它實際上會影響 26 年的未來。實際上，這將是關於加密井的爭論，並說（聽不清楚）與阿肯深井的爭論。現在好消息是，如果您還記得我們將街區的租約延長至 2040 年後，好嗎？

So we're not in a big rush. So this is about ensuring that we get the right hydrating of the opportunity set. I'm actually -- I'm excited because I think we've drilled -- we finished the first one on (inaudible). We just finished the second well on the (inaudible).The rig is literally moving as we speak to go and drill Akeng Deep. I think that between the success of the infill program, we're going to create quite a lot of optionality now.

所以我們並不著急。因此，這是為了確保我們獲得適當的機會集的補水。事實上，我很興奮，因為我認為我們已經完成了第一個任務（聽不清楚）。我們剛剛完成了第二口井（聽不清楚）。我認為，在填充計劃的成功之間，我們現在將創造相當多的選擇。

And with success, we will have some choices to make, I think, around the future infill program. So that's really going to impact '26, Bob, rather than '25.

我認為，如果成功的話，我們將圍繞未來的填充計劃做出一些選擇。所以鮑勃，這確實會影響 26 年，而不是 25 年。

Very clear. And that almost ties well into my question on Tiberius. Given the 2H '25 FID it gives you potentially more time to look at the farm down. And if there's less interest, then your desire to retain a greater working interest, which I know we've talked about in the past, does the farm them have to go forward? Or if the FID comes late, would you keep a greater working interest?

非常清楚。這幾乎與我關於提比略的問題密切相關。鑑於 2H '25 FID，您可能有更多時間查看農場。如果興趣減少，那麼你希望保留更大的工作興趣，我知道我們過去已經討論過，他們的農場是否必須繼續前進？或者，如果最終投資決定遲到，您會保持更大的工作興趣嗎？

Look, even I have debated this, we like it a lot. And nothing has changed. This is about prioritizing, I think, the pace at which we move forward on some of our growth options. So I think this is not about not liking it. I think we believe working interest around the 40% level, it's probably right for us.

看，即使我對此進行過辯論，我們也非常喜歡它。一切都沒有改變。我認為，這是關於優先考慮我們在某些​​成長選擇上前進的步伐。所以我覺得這不是不喜歡。我認為我們相信工作興趣在 40% 左右，這可能適合我們。

I think Occi is about the same place, bringing in a partner is the right thing to do. And we're clearly going through that process now. So we'll let the process run, Bob. I don't think it changes our intent. And ultimately, we see -- it's a good prospect.

我認為 Occi 也差不多，引入合作夥伴是正確的做法。我們現在顯然正在經歷這個過程。所以我們會讓這個過程運行，鮑伯。我不認為這會改變我們的意圖。最終，我們看到——這是一個很好的前景。

We want to ensure there's alignment on the development plan, which we can now create that alignment going forward. And so with ourselves is tied back to an Occi-operated platform, it's a very clear project. So I think no change of plan, simply deferral and the pharma process is working as we speak.

我們希望確保開發計劃的一致性，現在我們可以在未來實現這種一致性。因此，我們與 Occi 運營的平台聯繫在一起，這是一個非常明確的項目。所以我認為計劃沒有改變，只是推遲，就在我們說話的時候，製藥流程正在發揮作用。

Matt Smith, Bank of America.

馬特史密斯，美國銀行。

A couple of questions from me. I'll just start with the first perhaps, and that would be on Tortue, if I could. And really, just could you remind us around the commissioning process for the FLNG sort of -- is that sort of setting stone I believe you referred to a 6-month period of commissioning before? Or is that an expectation? And then really just -- can you remind us of the implications sort of during that stage?

我有幾個問題。也許我會從第一個開始，如果可以的話，那就是《Tortue》。事實上，您能否提醒我們有關 FLNG 的調試過程——我相信您之前提到過 6 個月的調試期，這是一種奠基石嗎？或者說這是一種期望？然後真的只是——你能提醒我們那個階段的影響嗎？

What do you expect from production and cargoes, but also your exposures to the commercial arrangement that you have with BP? So I'll start there with the first.

您對生產和貨物有何期望，以及您對與 BP 的商業安排有何期望？所以我將從第一個開始。

Okay. Right. So in terms of the commissioning process of the FLNG vessel, we're accelerating that process by bringing in the carrier and starting the process with gas coming from the LNG cargo. That allows us to cool down the tanks. It allows us to enable us to run the first -- the compressors at the front end of the process and then actually spin the key compressors in the FLNG trains themselves.

好的。正確的。因此，就 FLNG 船的調試過程而言，我們透過引入運輸船並使用液化天然氣貨物的氣體啟動該過程來加速這一過程。這使我們能夠冷卻坦克。它使我們能夠運行第一個壓縮機——流程前端的壓縮機，然後實際旋轉 FLNG 列車中的關鍵壓縮機。

So that's the process we're going through at the moment. And then that allows us when we introduce gas from the FPSO essentially very quickly to start making LNG. So that's the process. And that's when we actually recognize production. I think the six-month program that you're talking about is actually to do with the contractual arrangements associated with the finalization of the agreements that we have with Golar in terms of them meeting all of the criteria that they have to meet as part of their contracts, yes.

這就是我們目前正在經歷的過程。當我們從 FPSO 引入天然氣時，這使我們能夠非常快速地開始生產液化天然氣。這就是過程。那時我們才真正認識到生產。我認為你所談論的為期六個月的計劃實際上與我們與 Golar 達成的協議的最終確定相關的合同安排有關，這些協議滿足作為協議一部分必須滿足的所有標準。

So I think you have to sort of separate those out from the actual physical representation of the production and the revenue, which comes as soon as we start putting gas through the FLNG and start producing gas and then exporting it.

因此，我認為你必須將這些與生產和收入的實際物理表示分開，一旦我們開始將天然氣通過 FLNG 並開始生產天然氣然後出口，就會發生這種情況。

Yes, so I think what I'm sort of explaining there for is the process from the introduction of gas to the production of our LNG revenue recognition is going to be a lot shorter than you described. And in terms of the marketing arrangements with BP sort of nothing changes, they would lift the gas and sell the gas.

是的，所以我認為我要解釋的是，從引入天然氣到產生液化天然氣收入確認的過程將比您描述的要短得多。就與英國石油公司的行銷安排而言，沒有什麼變化，他們會開採天然氣並出售天然氣。

Just a follow-up. Was whether the commercial agreement that you have with BP, am I right in thinking that's tied to the six-month commercial commissioning process that you have with Golar i.e., you'll be free to sell your cargoes on the spot market during that time frame. Is that correct?

只是後續行動。您與 BP 簽訂的商業協議是否與您與 Golar 簽訂的為期六個月的商業調試流程相關，也就是說，在此期間您可以在現貨市場上自由出售您的貨物。這是正確的嗎？

No. No. BP will lift the cargoes. So we wouldn't be selling anything on the spot market in that time period.

不。不。BP 將提升貨物。所以在那段時間我們不會在現貨市場上出售任何東西。

There's essentially, Matt, go under the long-term pricing frame. There's a slightly different option in where there's an MVP reference potentially, but as a base case sort of it's off-brand on the same terms as the long-term contract or in commissioning.

馬特，本質上是在長期定價框架下進行的。在可能存在 MVP 參考的情況下，有一個稍微不同的選擇，但作為基本案例，它與長期合約或調試條款相同，屬於非品牌。

Yes, really precise about in that 6-month period, only in that six-month period, there's a price market versus NBP and there's a price market versus Brent, okay? So the -- that's the only sort of difference between that 6-month period and then the long-term period.

是的，非常精確，在這 6 個月期間，只有在這 6 個月期間，存在價格市場與 NBP 之間的關係，並且存在價格市場與布​​蘭特原油之間的關係，好嗎？所以，這是 6 個月期間和長期期間之間的唯一差異。

Mark Wilson, Jefferies.

馬克威爾遜，杰弗里斯。

First question, just a clarification point on the US Gulf of Mexico. You say that current production level is at 20,000 barrels of oil a day. I just wondered, is that current level include those two Wintersell wells you're looking to restart? That's the first question.

第一個問題，我想澄清一點關於美國墨西哥灣的問題。你說目前的產量是每天20,000桶石油。我只是想知道，當前水位是否包括您希望重新啟動的兩口 Wintersell 井？這是第一個問題。

It's around 20,000 without those, Mark, yes. So we benefited really from the production on the Odd Job subsea pump being better than we thought and the Kodiak work over doing better than we thought. So we're slightly ahead of where we would have been. But in essence, it's around that 20,000 barrel a day, Mark.

如果沒有這些，大約有 20,000 個，馬克，是的。因此，我們確實受益於 Odd Job 海底泵的生產比我們想像的要好，而 Kodiak 的工作比我們想像的要好。所以我們稍微領先我們本來應該達到的水平。但本質上，大約是每天 20,000 桶，馬克。

Okay. Very good. And then so those provided that the same thing is sorted, those wells 4 and 5 next year, you'd expect to be able to maintain or even be slightly higher than these current levels through '25?

好的。非常好。然後，如果明年對 4 號和 5 號井進行同樣的排序，您預計到 25 年能夠保持甚至略高於當前水平？

Yes, be slightly higher, Mark. Yes, exactly. Yes. We're building production there rather than it going down. And clearly, again, we benefited from a couple of the production enhancement projects doing slightly better than we forecast, which is good.

是的，稍微高一點，馬克。是的，完全正確。是的。我們正在那裡建設生產，而不是減少生產。顯然，我們再次受益於幾個產量增強項目，其表現略優於我們的預測，這很好。

So the base in a sense is stronger and then you're adding the wells from Winterfell.

所以從某種意義上說，基地更堅固，然後你添加了臨冬城的水井。

Okay. So then into '25 with the lower CapEx, as you've spoken to already, and the focus on getting leverage down. Could I ask, is there a leverage point or a target you'd aim to get to where shareholder returns or a buyback could be something you'd look at?

好的。因此，進入 25 年，資本支出較低，正如您已經說過的，重點是降低槓桿率。我可以問一下，您是否有一個槓桿點或目標，可以讓您考慮股東回報或回購？

Yes. I'll turn it over to Neal.

是的。我會把它交給尼爾。

Yes. Thanks, Mark. Yes, I don't think our views change. We're very much focused on getting leverage down to less than 1.5 times. And once we get beyond sort of that 1.5 times, then we'll look at shareholder returns, which is clearly an option that we're keeping on the table.

是的。謝謝，馬克。是的，我認為我們的觀點不會改變。我們非常注重將槓桿率降至 1.5 倍以下。一旦我們超過了 1.5 倍，我們就會考慮股東回報，這顯然是我們一直在考慮的選擇。

And so -- but like I said, I think from our perspective, '25 will be around prioritizing free cash flow, using that cash flow to pay down debt and accelerate that point. So I don't think it will jump, but it's very much still on our minds, and we're still in the pathway to get there.

所以 - 但就像我說的，我認為從我們的角度來看，'25 將優先考慮自由現金流，利用現金流來償還債務並加速這一點。所以我不認為它會跳躍，但它仍然在我們的腦海中，而且我們仍然在實現這一目標的道路上。

Okay. Very good. And then final question. So you've asked about the carrier and FLNG vessels seem to accelerate the commissioning time of the FLNG vessel at Tortue. Could you just speak to the final steps for the FPSO that has crept into 4Q or first gas getting through that.

好的。非常好。然後是最後一個問題。所以你問了關於運輸船和FLNG船的問題，似乎加快了FLNG船在托爾圖的調試時間。您能否談談已進入第四季或第一批天然氣通過的 FPSO 的最後步驟。

What are the final steps that need to be taken to get that first gas, please?

請問獲得第一批氣體需要採取哪些最後步驟？

Yes, no, good point, Mark. I think clearly -- the FPSO is an important part of the chain and we're close. I think just to add a little bit of color, Technip Energies has a contract where they actually perform the commissioning of the vessels. So all the work is ongoing at the moment is under Technip's watch and they're commissioning the vessel. The next step then is hand it over to BP operations.

是的，不，好點，馬克。我清楚地認為——FPSO 是整個鏈條的重要組成部分，我們已經很接近了。我認為只是為了增加一點色彩，德希尼普能源公司簽訂了一份合同，他們實際上在其中進行了船舶的調試。因此，目前所有工作都在 Technip 的監督下進行，他們正在調試該船。下一步是將其移交給 BP 營運部門。

So it goes from Technip Energies as a project to BP ops who then undertake the operations. At that point, it sort of moves into the sort of the big ops world where that's under their control of work. Under their control of work, you can then energize the subsea system, which then allows you to introduce gas.

因此，它從 Technip Energies 作為一個專案轉移到 BP 營運部門，然後由 BP 營運部門負責營運。到那時，它就進入了大型營運世界，在他們的控制下工作。在他們的工作控制下，您可以為海底系統通電，然後您可以引入天然氣。

I think as we go down that journey, maybe an important milestone was actually when the flotel that was supporting the work that Technip Energies we're doing offshore, it's now departed. And I think that's an indication to you, I think, that we're very close in terms of the few remaining punch list items that need to be performed that allow that process ready for startup to occur.

我認為，當我們踏上這段旅程時，也許一個重要的里程碑實際上是，支持德希尼普能源公司在海上開展工作的船隊現在已經離開了。我認為這向您表明，我認為，我們已經非常接近需要執行的幾個剩餘的遺留問題清單項目，以允許該流程為啟動做好準備。

And clearly, that's the defining sort of criteria is Technip have to finish all that work, which is those final punch list items and then it gets handed over. Flotel has already gone which signals the amount of work to be done is not very much.

顯然，這就是決定性的標準，即德西尼布必須完成所有工作，即最後的待辦事項清單項目，然後將其移交。Flotel 已經離開了，這表明要做的工作量並不多。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

So I guess the first question is just on the 90,000 barrels a day equivalent. When do you think you get there in as you think about the next couple of years targeting? And then in your Q4 volume guide. Is there any assumption for volume contribution from GTA from Tortue in there?

所以我想第一個問題就是關於每天 90,000 桶的當量。當您考慮未來幾年的目標時，您認為什麼時候可以實現這一目標？然後在你的第四季卷指南中。是否對來自 Tortue 的 GTA 的銷售貢獻有任何假設？

Yes. So sort of two-part question, Neil. Sort of going forward, I think, if you start to think about the company, it's obviously invested heavily to sort of grow the production now. It's about a focus in '25, on the sort of maintaining that level. As I discussed on a prior question, the maintenance CapEx is sort of low in GTA.

是的。這是一個由兩部分組成的問題，尼爾。我認為，如果你開始考慮這家公司，你會發現它現在顯然投入了大量資金來增加產量。這是關於 25 年的重點，就是維持這個水準。正如我在之前的問題中所討論的，GTA 中的維護資本支出有點低。

You've built the wells. There's very little CapEx to go. So you got a sort of flat production curve from that. The production that goes into the Gulf of Mexico, as Mark alluded to in his question, you sort of with GTA with Winterfell 4 and 5, we have probably a small amount of growth there. I think we'll sort of see Equitorial Guinea relatively flat.

你已經修好水井了。資本支出很少。所以你可以得到一條平坦的生產曲線。進入墨西哥灣的生產，正如馬克在他的問題中提到的，你有點像 GTA 的臨冬城 4 和 5，我們可能在那裡有少量的增長。我認為我們會看到赤道幾內亞相對平坦。

And therefore, and then back to drilling in Jubilee, which again is about sort of maintaining a flat and then starting to increase. So I think if you look through '24, '25, with '24 CapEx aimed at the base, it's about maintaining.

因此，然後回到 Jubilee 的鑽探，這又是關於保持平坦然後開始增加。所以我認為，如果你回顧 24 年、25 年，以及 24 年資本支出的目標，那就是維持。

And then beyond, then you start back into the cycle in '26 of seeing the growth projects, but you won't see the impact of Tiberius until '27 now. So I think relatively flat and then post -- you're seeing some growth in '27. So I think that's the way I'd think about it.

然後，你會在 26 年開始回到看到成長專案的週期，但直到 27 年才會看到 Tiberius 的影響。所以我認為相對平穩，然後你會看到 27 年有一些增長。所以我想這就是我的想法。

And clearly, we're prioritizing the investment level in the base to ensure that we keep it robust. Yes. And then look, in -- the production guidance in -- in the fourth quarter of '24. There's a very small amount of GTA in that. We said around the end of the year.

顯然，我們正在優先考慮基地的投資水平，以確保我們保持其穩健。是的。然後看看 24 年第四季的生產指引。其中有非常少量的GTA。我們說是年底左右。

Production is recognized when it goes -- when actually we get gas flowing from the FPSO into the FLNG vessel. So we've said that's around the end of the year. So you can assume there's a small amount of gas there, a small contribution.

當生產實際發生時——當我們讓氣體從 FPSO 流入 FLNG 船時，生產就得到了認可。所以我們說過那是在今年年底左右。所以你可以假設那裡有少量的氣體，貢獻很小。

Perfect. Okay. That's very helpful. And then what is the assumption that you recommend for 2025 for your LOE per barrel as you think about the pro forma company for GTA in 2025? Just how do you think this project is going to change the consolidated cost structure?

完美的。好的。這非常有幫助。那麼，當您考慮 2025 年 GTA 的預計公司時，您建議 2025 年每桶 LOE 的假設是什麼？您認為這個項目將如何改變綜合成本結構？

Yes, Neal, do you want to take that up?

是的，尼爾，你想接受這個嗎？

Yes. And again, it's easier to think about it on a per BOE basis. But again, I don't see a meaningful change on the oil side of the business. We've been increasing the run rate on the LOE for the gas side of the business. We said sort of we expect this quarter to be sort of between $60 million and $80 million for the quarter.

是的。再說一次，以每個 BOE 為基礎來思考這個問題會更容易。但同樣，我沒有看到石油業務方面發生有意義的變化。我們一直在提高天然氣業務 LOE 的運作率。我們說過，我們預計本季的銷售額將在 6,000 萬美元至 8,000 萬美元之間。

There's a number of things going on there. But when you think about it in a normalized sense, there's, I'd say, when -- on a per Mcf basis for the gas business, the normalized recurring OpEx is around $4 per Mcf in -- on the gas side, and that includes the FLNG toll and then sort of the upstream costs. So plus or minus, it's around in that range.

那裡發生了很多事情。但是，當你從標準化的意義上考慮它時，我會說，在天然氣業務的每 Mcf 基礎上，標準化經常性運營支出約為每 Mcf 4 美元 - 在天然氣方面，並且包括FLNG 通行費，然後是上游成本。所以加或減，都在這個範圍內。

And then, again, I think -- and we'll get into this in terms of guidance for '25 in February, but there's also -- if you recall, in 2021, we sold the FPSO to BP and we're working on the refinancing of that. So that's currently in OpEx as well.

然後，我想，我們將在 2 月的 25 年指導中討論這個問題，但如果你還記得，在 2021 年，我們將 FPSO 賣給了 BP，我們正在努力再融資。目前這也屬於營運支出。

And so there's a little money associated with that, that will come down as we get that piece refinanced next year.

因此，與此相關的資金很少，當我們明年為該專案進行再融資時，這筆資金將會減少。

(Operator Instructions) Stella Cridge, Barclays.

（操作員說明）Stella Cridge，巴克萊銀行。

If you don't mind, if I could just follow up on the previous question. In terms of this gross OpEx for Tortue, could you just talk about how much of this in Q4 are some of these one-off items, just in absolute dollar terms and what the quarterly OpEx would be in dollar terms for 2025?

如果您不介意的話，我可以繼續回答上一個問題嗎？就 Tortue 的總營運支出而言，您能否談談第四季度其中有多少是一次性項目（僅以絕對美元計算）以及 2025 年以美元計算的季度營運支出是多少？

Neal, if you can pick that up?

尼爾，你能接一下嗎？

Yes. Let us get back to you, sort of offhand, I don't remember exactly because there are some moving parts in that Q4 number. So sorry, we'll get back to you on that in terms of the exact breakdown on that Q4 number.

是的。讓我們隨手回覆一下，我記不太清楚了，因為第四季的數字中有一些變動的部分。很抱歉，我們將根據第四季數字的具體細目回覆您。

What I said, Stella, is that the Q4 number includes the precommissioning cargo. So it includes the expense associated with bringing the carrier in and so on. So you've got a one-off item associated with that. And then you do have some pre-commissioning costs associated with the BP team as they go through the process now of the handover from Technip Energies. All of that occurs, obviously, ahead of the production going forward.

斯特拉，我所說的是，第四季的數字包括調試前的貨物。因此它包括與引入承運人相關的費用等等。所以你有一個與之相關的一次性項目。然後，當 BP 團隊完成從 Technip Energies 移交的過程時，確實會產生一些與 BP 團隊相關的預調試成本。顯然，所有這些都發生在接下來的製作之前。

So the two big items are those two items. Obviously, once production is running and then it normalizes into the -- basically the $2 per Mcf number that Neal talked about. So that's probably the simplest way to look at it.

所以兩個大項目就是那兩個項目。顯然，一旦生產開始運行，就會正常化為——基本上是尼爾談到的每 Mcf 2 美元的數字。所以這可能是最簡單的看待它的方式。

We can come back and give you the exact breakdown, but the spend ahead of production is around those two items. And then as soon as you get into production, then you're around $2 an Mcf for OpEx and about $2 for the lease cost.

我們可以回來給您準確的細目，但生產前的支出圍繞著這兩項進行。一旦投入生產，每個 Mcf 的營運支出約為 2 美元，租賃成本約為 2 美元。

Okay. That's fantastic. And could you just talk a little bit more about this refinancing of the leaseback that you talked about before? Just what do you mean by that exactly?

好的。太棒了。您能多談談您之前談到的回租再融資嗎？你這到底是什麼意思？

Yes, Neal?

是的，尼爾？

Yes. So just -- so when we -- so we sold the FPSO to BP in 2021, then so it's leased back to the partnership. It was always sort of envisioned post first gas in the project, then we'd look for put in a permanent financing or permanent solution around the FPSO. And so that's what we're working collaboratively with BP on at the moment. And so it's not -- it's starting to -- we are seeing the FPSO in the OpEx lease today, depending on either if we end up doing the refinancing, which we're working on that amount in terms of what we see in the OpEx line will come down pretty substantially.

是的。因此，當我們在 2021 年將 FPSO 出售給 BP 時，然後將其租回給合作夥伴。我們總是設想在專案中首先註入天然氣，然後我們會尋找圍繞 FPSO 的永久融資或永久解決方案。這就是我們目前正在與 BP 合作的內容。因此，我們今天在營運支出租賃中看到的不是 FPSO，而是取決於我們是否最終進行再融資，我們正在按照我們在營運支出中看到的金額進行再融資。

Okay. That's something. And if you don't mind if I just ask one final thing. In Senegal, is there any update on discussions that you've had with the authorities there regarding your outlook for Yakaar-Teranga, your business in the country and some of the mentions also we heard during the first election about taxes. I mean, I'm aware there's a second election coming up, so things may be in the air, but any comments on that side would be good.

好的。那是一件事。如果你不介意我只問最後一件事的話。在塞內加爾，您與當地當局就您對 Yakaar-Teranga 的前景、您在該國的業務進行的討論以及我們在第一次選舉期間聽到的一些有關稅收的討論是否有任何更新。我的意思是，我知道即將舉行第二次選舉，所以事情可能懸而未決，但那方面的任何評論都會很好。

Look, it's now over six months actually since the new administration has come in. So they're a new party in power. There's been a process of them putting people in the key positions within the administration. And that process has sort of been lengthened as a result of the decision to go to the election of the parliament, which is later this month. So I'd say in the first sort of six months of the journey, it hasn't really had -- we haven't seen really any impact on our sort of daily operating business.

瞧，新政府上任其實已經過去六個月了。所以他們是一個新的執政黨。他們有一個將人員安排在政府內部關鍵職位的過程。由於決定於本月晚些時候舉行議會選舉，這一過程在某種程度上被延長了。所以我想說，在這段旅程的前六個月裡，我們還沒有看到對我們的日常營運業務產生任何真正的影響。

We've continued to progress GTA and we continue to work very closely with the Ministry of Energy and the NSC in terms of PETROSEN. I would say it has slowed down, Yakaar-Teranga a little. And that's partly, as you get into conversations there for around the growth CapEx. You can sort of see that sort of probably moving slightly later. And that's sort of natural, new government coming in, they're picking it up.

我們繼續推進 GTA，並繼續與能源部和 NSC 在 PETROSEN 方面密切合作。我想說，Yakaar-Teranga 的速度已經慢了一點。當你圍繞成長資本支出進行對話時，這就是部分原因。你可以看到這種情況可能會稍微晚一點發生。這是很自然的事情，新政府上任後，他們就會接受這一點。

They've got new people within PETROSEN. They've got new people within the ministry that are handling those conversations. My sense of all of that is going to clear in the sort of end of the year, beginning of the following year. And ultimately, it's an important project for their national plan. It's about creating a low-cost gas that really replaces a few oil wells currently being consumed for power.

PETROSEN 內部有了新人。他們在部門內有新人來處理這些對話。我對這一切的感覺將在今年年底、明年年初變得清晰。最終，這是他們國家計劃的一個重要項目。這是為了創造一種低成本的天然氣，真正取代目前用於發電的一些油井。

It also is a source of export. And therefore, in combination, you're creating an important new revenue stream in terms of development of that resource, but you're also creating an important domestic gas supply, which creates energy, security and it enables a lower cost of power to the country. So it's an important project. So the conversations are ongoing as we speak. But I just think things are going to take slightly longer just because of that transition of power and then further complicated bind the decision, if you like, to go with a national election.

它也是出口來源。因此，綜合起來，您在開發該資源方面創造了重要的新收入來源，同時也創造了重要的國內天然氣供應，從而創造了能源、安全，並降低了電力成本國家。所以這是一個重要的項目。因此，就在我們講話時，對話仍在繼續。但我只是認為，由於權力交接，事情會花費更長的時間，然後進一步複雜地約束決定，如果你願意的話，進行全國選舉。

But I think the message to take out of it, nothing has really impacted the important work on GTA, which is obviously our primary focus at the moment.

但我認為從中傳達的訊息是，沒有任何事情真正影響 GTA 的重要工作，這顯然是我們目前的首要關注點。

Since there are no further questions at this time, 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.

由於目前沒有其他問題，我想結束通話。感謝大家今天的加入。此時您可以斷開線路，感謝您的參與。