Dec 19, 2016
BP strikes African gas deal with Kosmos Energy
BP has agreed to invest almost $1bn in a partnership with Kosmos Energy of the US to develop gas resources in west Africa. The latest deal on Monday will give BP a 62 per cent stake, and operating control, of Kosmos's exploration blocks in Mauritania and a 32.49 per cent stake in the Texas-based company's prospects in Senegal. Whereas Saturday's Abu Dhabi investment promised to refresh BP's oil reserves, the Kosmos deal was in keeping with the group's increasing focus on gas. The Kosmos deal involves about 33,000 square kilometres of acreage, including the Tortue field, which spans Mauritanian and Senegalese waters and is estimated to contain more than 15tn cubic feet of discovered gas resources. BP will pay Kosmos $162m on completion of the deal and contribute $221m towards the cost of appraising the resources and $533m towards development, with a final investment decision on the project expected by 2018.
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