BP investing $916m in West Africa as it builds up its natural-gas business
BP has agreed to buy stakes in West African licences held by Kosmos Energy for $916m as the British producer builds its natural-gas business after an acquisition in Egypt last month. BP will become operator and acquire a 62% working interest in licences at four deep-water blocks off Mauritania plus an effective 32.49% interest in permits at two blocks off Senegal, the companies said on Monday. Kosmos will keep 28% and 32.51% of the Mauritanian and Senegalese licences respectively, and will remain exploration operator. "The deal gives BP a leadership position in an emerging world-class, low-cost gas basin with advantaged access to global gas markets," the London-based company said. CEO Bob Dudley said the project "brings together all the elements" needed to create a new liquefied natural gas hub in Africa". BP upstream CEO Bernard Looney said the Mauritania-Senegal basin would become an "important profit centre". The company last month purchased 10% of Eni’s Zohr field in Egypt for $...
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