• 40 mins Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 1 hour VW Fails To Secure Critical Commodity For EVs
  • 2 hours Enbridge Pipeline Expansion Finally Approved
  • 3 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 hours OPEC Oil Deal Compliance Falls To 86%
  • 20 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 22 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 24 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 7 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
Rising OPEC Production Weighs On Oil Prices

Rising OPEC Production Weighs On Oil Prices

After seeing a slight drop…

Oil Prices Spike On Middle East Tensions

Oil Prices Spike On Middle East Tensions

Oil prices jumped upwards on…

BP, Kosmos Energy Make Major Gas Discovery Offshore Senegal

Offshore

UK’s oil major BP said on Monday that together with its joint venture partner Kosmos, it had made a major gas discovery offshore Senegal off the West African coast.

BP and U.S.-based Kosmos Energy commissioned the drilling of Yakaar-1 exploration well in the Cayar Offshore Profond block. Kosmos Energy estimates Yakaar-1 discovered a gross P mean gas resource of around 15 trillion cubic feet (Tcf), in-line with pre-drill expectations, the Dallas-based company said in its statement on the discovery.

According to BP Upsteam chief executive officer, Bernard Looney:

“This discovery marks an important further step in building BP’s new business in Mauritania and Senegal. We look forward to results from the additional exploration wells planned for 2017.”

Both BP and Kosmos believe that the Yakaar discovery, coupled with the Teranga discovery made last year, have enough resources to support the creation of another LNG hub in the basin.

The gas discovery offshore Senegal adds to a crude oil discovery off the Senegalese coast made earlier this year by Australian exploration company FAR, which said that it had discovered more than 1.5 billion barrels of crude as a result of a 3D seismic study.

At the end of last year, BP said that it has signed agreements with Kosmos Energy to acquire a 62-percent working interest, including operatorship, of Kosmos’ exploration blocks in Mauritania and a 32.49-percent effective working interest in Kosmos’ Senegal exploration blocks. Back then, BP said it would invest nearly US$1 billion, mostly in the form of a multi-year exploration and development carry to buy offshore Blocks C-6, C-8, C-12 and C-13 in Mauritania and an effective interest in the Saint-Louis Profond and Cayar Profond blocks in Senegal.

Related: Saudi Oil Minister: OPEC Output Cut Could Extend Into 2018

In April, BP agreed to buy another 30 percent in the Saint-Louis Profond and Cayar Profond blocks offshore Senegal from Timis Corporation, subject to government approval. Upon completion of the deal, BP will hold participating and effective working interests close to 60 percent, Kosmos -30 percent, and Société des Pétroles du Sénégal (Petrosen) – 10 percent.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News