Jul 11, 2019

BP says Senegal conducting ‘investigations’ into gas deal

Energy major BP's chief executive said the Senegalese authorities have begun "Investigations" into the government's award of lucrative offshore gas licences. The deal has been a source of controversy in Senegal since the gas awards were first made seven years ago. The report alleged BP agreed to pay Timis Corp, run by controversial Romanian-born businessman Frank Timis, $250m for a stake in the licences in 2014, along with $10bn in royalties over the coming decades. Mr Dudley said BP had conducted thorough due diligence on "Companies and individuals" including Mr Timis, adding it had found "No information" that Mr Sall had received payments. Mr Dudley added that it was only after US-based Kosmos Energy conducted the exploration work and discovered the offshore gas deposits, was it clear that Mr Timis had "Hit the jackpot".

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