BP rewards Kosmos’ West Africa gas success with US$916 m deal

BP has agreed to partner Kosmos to develop its Tortue gas complex discoveries offshore Mauritania and Senegal. The deal is worth up to US$916 million and is comprised of an up-front payment and cost carry for exploration and development. Future liquid discoveries will also be rewarded. BP’s entry is a massive boost for Kosmos, Mauritania and Senegal. The major brings financial clout and LNG expertise and it will unburden Kosmos of much of the financial and technical commitments required to develop its gas finds. The deal allows Kosmos to realise some of the value of the discoveries early and will help - and incentivise - it to continue to do what it does best; explore.