BP adds to its replenishing gas and oil portfolio

BP adds to its replenishing gas and oil portfolio

British oil giant BP has invested US$916 million across two gas exploration ventures in western Africa.

Partnering American company Kosmos Energy, BP will take a 62% interest in exploration blocks already established by Kosmos, and a 32.5% working interest in its Senegal blocks.

The agreements cover acreage of roughly 33,000km2, most notably including the Tortue field. This area is estimated to contain over 15 trillion cubic feet of discovered gas resources.

Bob Dudley, BP chief executive officer 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.”

This announcement comes days after the blue-chip major agreed a $2.4 billion deal for a stake in one of the largest oil fields in the Middle East.

The Abu Dhabi Company for Onshore Oil Operations currently produces 1.66 million barrels of oil a day, of which BP will acquire a 10% stake.

These latest deals reflect BP’s desire to further build its existing global resources and commodity portfolio.