But we have a very distinctive growth portfolio in Kosmos of advantaged low-cost gas adjacent to Europe. And our objective now is to phase the development of that in a way where we can not only grow but return capital to our shareholders. The first step of that is the completion of Tortue Phase 1 obviously, we’ve given you the forward time line for that. With control now of Yakaar Teranga, I think we can then position that as the next building block in that sequence. And I would imagine that Tortue Phase two could sit behind that. So we have a phase set of developments now where you’re building out around, I don’t know, 2.5 million tonnes of LNG, but doing it in a way where there’s control now with an operated project and doing it in a way where you’re limiting the capital outlay so that you have a credible and manageable capital profile.
So we’re pleased what the future looks like now, and we believe this is an important source of value growth for shareholders.
Operator: Our next question comes from Charles Meade with Johnson Rice. Please proceed with your question.
Charles Meade: Good morning, Andy and Neal and the rest of the Kosmos team there. Andy, I wonder if I could just pick up maybe just about where you left off. You said you’re sure there’d be more questions about Yakaar Teranga, and that’s what I’d like to ask about. I guess there’s two parts to this. One, can you just give us the bigger context of where Yakaar Teranga, how you chose to develop Tortue over Yakaar Teranga first. And where Yakaar Teranga kind of sits in the, I guess, in the — in your mind as far as the — is it number 2 after Tortue? And then also as part of that, I recognize that different companies that have different priorities and have different viewpoints. But how would you make the case for the value of Yakaar Teranga to Kosmos for people looking at BP and saying, well, if BP just walked away from this, why is it valuable?
Andrew Inglis: Yes. Thanks, Charles. As you say, all good questions. And maybe I’ll start at the end and sort of work back. Yakaar Teranga, is a distinctive gas resource. It has low CO2 content. It is close to shore, 75 kilometers of the Dakar Peninsula. And from both a domestic and an LNG perspective, it has a strong market pull. There’s a need to replace heavy fuel oil as a source of power in Senegal. And clearly, the Senegal is one of the closest sources, new sources of LNG to Europe. So you then sort of say, well, okay, how does that fit with various companies strategies? And I think to me, the — we’re at a point now in the life cycle of the energy transition where different companies are placing different bets. And I suppose nothing was clearer on that than the two big announcements over the last couple of weeks here in the U.S. And I think that strategic context actually influences the way that people look at various investment opportunities.
As I said, I think Kosmos believes that this gas is distinctive and is well described. Well described, what do I mean by that? I mean that in Tortue, we drilled four exploration and appraisal wells and a DST that enabled us to calibrate the seismic that led to four successful development wells. It’s a huge amount of subsurface data that directly correlates to Yakaar Teranga, where we have three exploration and appraisal wells. So we believe we have a well-described subsurface and are confident in its ability to deliver a very commercial project. We also believe that’s a low-cost solution to development, given the geographic situation close to the Dakar Peninsula. Now I would say that BP doesn’t have the same view. And I think it’s not ultimately I think have influenced.
