"BP announced today that it has signed agreements with Kosmos Energy to acquire a 62% working interest, including operatorship, of Kosmos’ exploration blocks in Mauritania and a 32.49% effective working interest in Kosmos’ Senegal exploration blocks," the company said in a press release.
BP will invest nearly $1 billion mostly in the form of a long term exploration plan, while Kosmos Energy will remain the technical operator for the exploration phase of the project, drilling three new exploration wells in early 2017, BP specified.
The companies also agreed to cooperate in the exploration of new ventures in offshore Mauritania, Senegal and Gambia with Kosmos remaining the exploration operator and BP being the development operator.
The agreements are subject to government approvals, while the transaction is expected to close by the first quarter of 2017.
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