BP snaps up gas interests in Senegal and Mauritania

BRITISH energy major BP yesterday ramped up its presence in Africa with the purchase of stakes in gas projects in Mauritania and Senegal.

BP said it had agreed to acquire holdings in licences held by Kosmos Energy for a total of $916-million (R13-billion).

The London-listed group will buy a 62% interest in Kosmos’s exploration blocks in Mauritania and a 32.49% share in its Senegal exploration blocks.

Chief executive Bob Dudley said: “BP’s entry into Mauritania and Senegal represents an exciting strategic opportunity to work with Kosmos Energy in an emerging worldclass hydrocarbon basin.”

The announcement came two days after BP bought a 10% share in an onshore Abu Dhabi oil concession for $2.2-billion (R31-billion).

BP inked an agreement on Saturday with Abu Dhabi National Oil Company (Adnoc) to take a stake in Abu Dhabi’s Adco.

Following the deals, BP shares rose 0.83% to 493.75p in late morning trade in London.

Stockbroker Russ Mould said: “The deal gives BP an exciting strategic opportunity to work with Kosmos to create a new liquid natural gas hub in Africa, while the Adco concession will give it long-term access to significant and competitive resources which it already understands very well.” – AFP