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Wednesday, November 22, 2017
Rumor has it that BP is interested in expanding its position in Senegal through a new acquisition. The company is already partnered with Kosmos Energy in Senegal on the Saint-Louis Profond and CayarProfond, where a significant amount of resources have been discovered to date.
According to the rumors, the UK-based company is courting Cairn Energy for a 30% stake in Senegal’s SNE field. If the rumors are true and BP is successful in its negotiations with Cairn, it could pay up to $600 million for the 30% interest.
“We are aware that BP wants to acquire a stake in Cairn Energy, but they are awaiting validation by the state (of Senegal),” an adviser to Senegal’s oil minister was quoted as saying by Reuters. He had no further details. However, Mamadou Faye, director of Senegal’s state oil firm Petrosen, said no formal request had yet been made by the companies, according to the Reuters report.
Cairn, in turn, said there was no substance to the reports.
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