I'll then outline our plans for 2022 and the key investments we're making to deliver significant shareholder value in the next 12 to 24 months.
The right-hand chart shows the company's production is forecast to grow by around 50% between 2022 and 2024 as we bring our planned developments on stream.
On a 1P basis, oil makes up around 60% of our reserve base, whereas on a 2P basis, gas is over 55% of the portfolio, reflecting the longer-term direction of the company, a bias for oil in the near term and gas longer term.
Ghana, Mauritania, and Senegal each make up around 40% of the portfolio with Equatorial Guinea in the Gulf of Mexico, making up about 20% between them.
In 2021, our 1P reserves more than doubled to approximately 300 million barrels of oil equivalent with the booking of Tortue phase one and the Oxy Ghana acquisition.
Our 2P reserves are approximately 580 million barrels of oil equivalent, which gives us a 2P reserve to production ratio of over 20 years.
Even excluding the Oxy Ghana acquisition, our reserves replacement ratio was strong with 114% of the total of our 2P reserves demonstrate the underlying quality of our asset base.
As you're well aware, for the last 18 months, we've been focused on deleveraging and have made good progress.
We also plan to reduce absolute debt by up to $500 million this year, which will further drive the leverage multiple lower.
I talked about the embedded growth we expect to see over the next two years which is driven by Tortue phase one, Jubilee Southeast, and Winterfell, delivering an expected production increase of around 50%.
As these developments start up, our capital commitments are expected to fall by more than 30%.
With production up and capex down, we expect free cash flow to more than triple from the levels we expect in 2022 at $75 Brent.
On environment, two years ago, Kosmos set out a policy to achieve carbon neutrality for our scope one and two operated emissions by 2030, and we're working to accelerate that time line.
We worked in this manner for nearly 20 years going back to when the company was founded.
On production, we hit our year-end production target of 75,000 barrels of oil equivalent per day, boosting fourth-quarter cash flow and reducing leverage at year end to approximately two and a half times.
Our LNG development made significant progress during the year with Tortue phase one around 70% complete at year end.
We enhanced our reserve base and now have a 2P reserve life of over 20 years with a growing gas weighting.
Kosmos had net production of around 39,000 barrels of oil per day across Jubilee and TEN in the fourth quarter.
And you can see production rising from around 70,000 barrels of oil per day in July to over 90,000 barrels a day by year end, which is where the field is producing today.
In October, we announced and completed the acquisition of additional interest in Jubilee and TEN from Oxy for a total cash consideration of around $460 million.
At the time, we talked about the attractive economics of the deal in a $65 world, which is highly accretive on all metrics and an expected payback of around three years.
The impact of pre-emption on Kosmos is a small reduction in our Jubilee state from around 42% to around 38%.
In TEN, the reduction is more meaningful with our stake reducing from around 28% to around 20%.
Assuming pre-emption is completed, we would expect to receive a bit more than $100 million of closing which we used to pay down debt.
The impact on Kosmos production will be about 5,000 barrels of oil per day.
In Equatorial Guinea, 4Q gross production was in line with the full year at around 30,000 barrels of oil per day.
We've been pleased with initial performance and the combined impact on gross production can be seen on the chart with Ceiba and Okume collectively producing at levels not seen for over 18 months.
In the Gulf of Mexico, turning to Slide 12, 4Q production was 21,000 barrels of oil equivalent per day, slightly above full-year production of 20,000 barrels of oil equivalent per day.
With around 100 million barrels of gross resource potential in the Central Winterfell area and proximity to several nearby host platforms with OH, we're excited about the future potential of this asset.
At year end, phase one of the project was around 70% complete.
First, we successfully refinanced the reserve-based lending facility, which now has a total facility size of $1.25 billion, with $1 billion drawn at year end.
In August, we announced the completion of the Tortue FPSO sale and leaseback transaction, which funds around $375 million of our capex on the project and with key parts of the financing path we laid out in November 2020.
Our producing assets generated strong free cash flow of around $175 million during the year, excluding working capital, in line with our guidance.
The combination of these, along with the bond transactions we executed have deferred all of our near-term debt maturities and helped increase our liquidity to over $750 million available at year end.
Around 55% of our production is hedged with an average ceiling of around $80 per barrel with the rest exposed to current prices.
Net production of approximately 70,000 barrels of oil equivalent in the quarter was in line with our expectations.
Sales volumes of 82,000 barrels of oil equivalent were higher than guidance as a result of an additional Jubilee cargo in Ghana, loading in late December.
The realized price of around $65 per barrel, which includes the impact of hedging, was materially higher than the previous quarter, a trend we expect to continue in 2022.
In the first quarter of this year, we anticipate a realized price net of hedging of over $80 per barrel.
With these new wells, combined with the benefits of the wells we drilled last year, we expect to deliver year-on-year growth at Jubilee of around 10%, which includes the impact of the two-week shutdown planned for the second quarter.
Once online, in mid-2023, these wells should post gross production in Jubilee to around 100,000 barrels of oil per day.
First oil is expected around 18 months from sanction.
For the second phase of Tortue, we're working with BP in the NOCs to optimize the upstream facilities to deliver another 2.5 million tonnes of capacity at an upstream cost less than $1 billion of gross capex we have previously communicated.
We expect company production for the year to be in the range of 67,000 to 71,000 barrels of oil equivalent per day, which is at the midpoint, would be a year-on-year increase of over 20%.
capex of around $700 million is broken out in the chart on the bottom right.
We plan to spend between $250 million to $300 million of maintenance capex on the producing assets which is development drilling and integrity spend in Ghana, Equatorial Guinea and the Gulf of Mexico.
We also plan to spend between $100 million to $150 million of growth capex on the base business for production growth in 2023 and beyond.
On Tortue phase one, we expect to spend around $250 million during the year, which reflects the timing of accrued capex based on the approved budget from the operator.
We also expect to spend a further $50 million in Mauritania and Senegal on Tortue phase two and increase the activity on BirAllah, Yakaar-Teranga support progress on those developments.
At $75 Brent, we would expect to generate around $200 million of free cash flow, which we plan to use to reduce debt.

Summary:
And you can see production rising from around 70,000 barrels of oil per day in July to over 90,000 barrels a day by year end, which is where the field is producing today.
Net production of approximately 70,000 barrels of oil equivalent in the quarter was in line with our expectations.
capex of around $700 million is broken out in the chart on the bottom right.