BP $916 million acquisition of a stake in Kosmos Energy's exploration blocks

Overview:

• British multinational oil company BP successfully acquired a majority stake in the offshore exploration blocks of Kosmos Energy in Senegal and Mauritania for $916 million. 
• Kosmos is to receive $162 million in cash, $221 million in exploration and appraisal costs and development costs of up to $533 million. 
• The company acquired a 62% stake in four blocks in Mauritania, covering blocks C6, C8, C12 and C13, and a 32.49% stake in two blocks in Senegal, covering the Saint Louis Offshore Profond and Caya Offshore Profond.  
• The two companies have agreed to work together on further explorations across the space. 
• It is estimated the blocks could contain as much as 50 trillion tcf of liquid gas and a billion barrels of oil.
• This moves follows an acquisition by BP in Egypt's Zohr gas field in November. 

John Crabb - Journalist