BP has this week 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 Senegalese coast via Creative Commons).
The Inter-Governmental Cooperation Agreement (ICA) will enable the development of the Tortue / Ahmeyim project 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.
Commenting on the signing of the agreement, Bernard Looney, BP Upstream chief executive said:
“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.”
With the signing of the inter-governmental agreement Kosmos Energy believes that the FID for the project could be made by the end of 2018, with first gas being produced by 2021. “The innovative near-shore LNG concept being used for Tortue positions the development as one of the lowest cost green-field LNG projects in the world. We look forward to working with BP and our national oil company partners to continue the front-end engineering design process that will enable a final investment decision around the end of 2018,” said Andrew G. Inglis, Kosmos chairman and chief executive.
Located offshore Senegal and Mauritania the Tortue gas field holds significant recoverable resources, with some estimates placing the figure as high as 15 trillion cubic feet of gas.
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