British energy major BP has ramped up its presence in Africa with the purchase of stakes in gas projects in Mauritania and Senegal.
In a statement issued on 19th November 2016, BP said that it has agreed to acquire holdings in licenses held by Kosmos Energy for a total of $916m. The London-listed group will buy a 62% interest in Kosmos’ exploration blocks in Mauritania and a 32.49% share in its Senegal exploration blocks.
“BP’s entry into Mauritania and Senegal represents an exciting strategic opportunity to work with Kosmos Energy in an emerging world-class hydrocarbon basin,” said CEO, Bob Dudley.
The announcement came two days after BP bought a 10% share in an onshore oil concession in Abu Dhabi for $2.2bn.
BP inked an agreement Saturday with Abu Dhabi National Oil Company (ADNOC) to take a stake in the Abu Dhabi Company for Onshore Petroleum Operations (ADCO).
In reaction to the deals, BP shares rose 0.83% to 493.75 pence in late morning trade on London’s overall flat stock market. “The deal (Monday) 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,” noted Russ Mould, investment director at stockbroker AJ Bell.