Home Energy BP, Kosmos nearing agreement on cross-border field

BP, Kosmos nearing agreement on cross-border field

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UK energy giant BP and Kosmos Energy of the US have moved closer to approving the development of the Tortue natural gas field offshore Mauritania and Senegal after both countries agreed to split production from the cross-border field.

Kosmos said it is expected to make a Final Investment Decision (FID) on the project in 2018, with first gas expected in 2021. BP had previously indicated its expectation to reach FID on the project towards the end of 2018. The Greater Tortue Complex which straddles the maritime boundaries of the two countries is estimated to hold more than 25 trillion cubic feet of gas. The production is expected to be exported via a Liquefied Natural Gas facility.
Macky Sall, Senegal’s President, during a recent state visit, signed an inter-governmental co-operation accord with his counterpart in Mauritania, Mohamed Ould Abdel Aziz. BP’s head of oil and gas production, Bernard Looney said: ‘This is an important milestone for this innovative gas project which reflects the strong, cooperative partnership between Mauritania and Senegal,’  Kosmos said the agreement provides for the development of Tortue through cross-border unitization, with a 50-50 initial split of resources and revenues, and a mechanism for future equity redeterminations based on actual production and other technical data.

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