BP confirmed that a key agreement between the governments of Mauritania and Senegal, which will enable the development of the BP-operated Tortue/Ahmeyim gas project to continue to move towards a final investment decision, has been signed by the two governments.

The Inter-Government Cooperation Agreement (ICA) provides for development of the Tortue/Ahmeyim gas field through cross-border unitisation, 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.

The agreement was signed on Friday, 10 February in Nouakchott, Mauritania by Mauritania Minister of Oil, Energy and Mines Mohamed Abdel Vetah and Senegal Minister of Petroleum and Energies Mansour Elimane Kane during a ceremony with President Mohamed Ould Abdel Aziz of Mauritania and President Macky Sall of Senegal.

Bernard Looney, BP Upstream chief executive, commented: “This is an important milestone for this innovative gas project which reflects the strong, cooperative partnership between Mauritania and Senegal. We look forward to continuing to work with both countries and our partners, Kosmos Energy, Petrosen and SMHPM, towards a final investment decision.”

The Tortue/Ahmeyim gas field, with estimated resources of 15 trillion cubic feet of gas, is located offshore on the border between Mauritania and Senegal.

BP has completed significant engineering design towards the Tortue/Ahmeyim project, an integrated gas value chain and near-shore liquefied natural gas (LNG) development which would export LNG to global markets as well as supplying gas to Senegal and Mauritania.

Notes:
BP entered into Mauritania and Senegal through an agreement with Kosmos Energy, announced in December 2016.
BP’s holds participating and effective working interests in the Saint-Louis Profond and Cayar Profond blocks offshore Senegal of 60%, with Kosmos Energy holding 30% and Société des Pétroles du Sénégal (Petrosen) holding 10%. In Mauritania, BP’s working interests in offshore Blocks C-6, C-8, C-12 and C-13 is 62%, with Kosmos Energy holding 28% and Société Mauritanienne Des Hydrocarbures et de Patrimoine Minier (SMHPM) holding 10%.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.