Dec 19, 2016

BP agrees $1bn deal for stake in massive African offshore gasfields

BP has agreed its second huge deal in days with the energy giant revealing a near $1bn investment in gas fields off Northwest Africa.


The company has signed deals with Kosmos Energy to take a 62pc stake in the company's exploration blocks of gas fields off Mauritania and a 33.5pc holding in those off Senegal. BP will also operate the Mauritania fields.
It is thought the 33,000 square kilometres covered by the deal could contain as much as 50 trillion cubic feet (TCF) of gas, as well as more than 1bn barrels of oil in deepwater reserves.
At the upper end of the estimates, the gas reserves would be enough to fuel the UK for two decades.
The Kosmos deal, which will expand BP's presence in liquified natural gas (LNG), follows a tie-up with the Abu Dhabi government over the weekend.

The Telegraph
By Alan Tovey