Kosmos Energy and Occidental Sanction Tiberius Project in US Gulf of Mexico

Kosmos Energy announced in its first quarter earnings call that a final investment decision (FID) was made with Occidental in March 2026 for the Tiberius project, located in the outboard Wilcox play of the US Gulf of Mexico. The project will monetize approximately 100 million barrels of oil equivalent (boe) of gross resources. The first phase involves a single well tie-back into Occidental's nearby Lucius platform, with first oil targeted for the second half of 2028. Long-lead items have already been secured, and most capital expenditure is expected in 2027 and 2028. Kosmos described the development as "low-cost, high-margin," with an expected development cost of around $10 per barrel and operating and transport costs of approximately $20 per barrel for the first phase. Kosmos, which holds a 50% interest, aims to farm down its stake to about 33%.

Exploration Alliance with Shell in Norphlet Play

Kosmos also provided an update on its exploration alliance with Shell in the Norphlet play, located in Mississippi Canyon. The partners have exchanged interests in multiple blocks across the play, targeting more than 400 million boe of gross resources across several prospects. The key prospect identified is Trailblazer, which has a pre-drill potential of 200 million boe gross. Drilling for Trailblazer is planned for the first half of 2027. If successful, the prospect could be tied back to Shell's nearby Appomattox platform.