Under the terms of the deal, BP will acquire Kosmos Energy’s 62% interest, including operatorship, in exploration blocks C-6, C-8, C-12 and C-13 in Mauritania.
BP will also acquire Kosmos’ 32.49% stake in the Saint-Louis Profond and Cayar Profond blocks in Senegal.
The approximately 33,000km2 of acreage considered for acquisition include the Tortue field, which estimated by Kosmos to hold more than 15 trillion cubic feet (tcf) of gas.
BP CEO Bob Dudley said: “BP’s entry into Mauritania and Senegal represents an exciting strategic opportunity to work with Kosmos Energy in an emerging world-class hydrocarbon basin.”
According to Kosmos’ estimates, the total acreage could contain about 50 tcf of gas resource potential and more than 1 billion barrels of liquids resource potential.
Kosmos Energy chairman and CEO Andrew Inglis said: “Following a thorough farm-out process, BP emerged as the right partner to help us advance the Tortue gas project at pace and take forward a multi-well exploration program that will test the basin’s liquids potential beginning in mid-2017.
“We are pleased to have secured a super-major partner that brings financial capability, deepwater development and LNG expertise, and a vision that is fully aligned with the interests of both countries.”
The two firms also agreed to cooperate in areas of mutual interest in offshore Mauritania, Senegal and The Gambia. Kosmos will be the exploration operator while BP will serve as the development operator.
Subject to government approvals, the deals are planned to be completed by the first quarter of 2017.
Image: BP head office in St. James's, City of Westminster, London, UK. Photo: courtesy WhisperToMe/Wikipedia.
