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Monday, May 1, 2017
BP has agreed to acquire the full 30% minority participating interests held by Timis Corp. in two blocks offshore Senegal.
The Senegal blocks involved in the BP-Timis deal are Saint-Louis Profond and Cayar Profond. BP said its agreement that the deal is subject to government approval.
This latest news follows its entry into Mauritania and Senegal through its agreement last year with Kosmos Energy.
BP confirmed its agreement to buy out Timis’ Senegal interests to NGW April 27 but did not disclose financial details; news of the deal was published by the Africa Intelligence newsletter earlier this week.
On completion of its agreements with Timis, interests in the two blocks will be BP 30%, the JV Kosmos BP Senegal 60%, and Senegal’s state-owned upstream firm Petrosen 10%.
The Kosmos BP Senegal JV is made up of 49.99%-owned by BP and 50.01% by Kosmos.
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