BP and Kosmos will explore new Oil Blocks in West Africa
The new blocks are located in the waters around Sao Tome and Principe, close to Nigeria, Cameroon, Equatorial Guinea and Angola
A partnership between BP and Kosmos Energy has won exploration rights to two offshore oil blocks in Sao Tome and Principe’s exclusive economic zone (EEZ), where Kosmos already has acreage and is expected to drill next year.
The two companies won blocks 10 and 13 in a restricted tender. They beat a second consortium of Portugal’s Galp Energia and Total.
The exclusive economic zone is spread over 129,000 square kilometres and is divided into 19 blocks. No significant discovery has been made in the region after several years of exploration. Despite that the industry is highly attracted to this region where several companies are exploring oil. New York-listed Kosmos Energy, which is active in other parts of West and Central Africa, acquired licenses to blocks 5, 6, 11 and 12 in 2015 and 2016. Based on seismic results, the company is anticipated to commence drilling in 2019.
Sao Tome and Principe is a tiny island nation in Africa’s Gulf of Guinea, surrounded by oil-rich neighbours Nigeria, Cameroon, Equatorial Guinea and Angola. BP is among the leading integrated energy players in the world. The company has a portfolio of major upstream projects like Clair Ridge, Juniper and Mad Dog Phase 2 developments that are expected to fetch significant cash flow. The company expects the projects to add 800 Million Barrels of Oil Equivalent to net production capacity by 2020, once they are online. Notably, 90% of these upstream developments are either under construction or are completed.
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