BP announces major gas find offshore Senegal
Yakaar-1 exploration well result confirms potential scale of the petroleum system offshore Mauritania and Senegal
LONDON – 8 May 2017 – BP along with joint venture partner Kosmos Energy announced today a major gas discovery offshore Senegal.
The Yakaar-1 exploration well was drilled to a total depth of approximately 4,700 meters in nearly 2,550 metres of water in the Cayar Offshore Profond block by the Atwood Achiever drillship.
Bernard Looney, BP Upsteam chief executive officer, commented “Yakaar-1 follows the earlier exploration success that led to the Tortue discovery and further confirms our belief that offshore Senegal and Mauritania is a world-class hydrocarbon basin. 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.”
The Yakaar discovery, coupled with the Teranga discovery, creates the foundation for a further LNG hub in the basin.
- BP and Kosmos will be drill stem testing the Tortue discovery in mid-2017 and will now drill 3 additional exploration wells over the next 12 months offshore of Senegal and Mauritania.
- BP in April agreed to deepen its investment in Senegal by acquiring the full 30% minority participating interests that Timis Corporation held in the Saint-Louis Profond and Cayar Profond blocks offshore Senegal. This is subject to government approval and follows BP’s entry into
- Mauritania and Senegal through an agreement with Kosmos Energy, announced in December 2016.
- The Saint-Louis Offshore Profond block includes the Senegalese sector of the cross border Tortue (Ahmeyim-Guembuel) field and significant future prospectivity. Tortue is estimated to contain more than 15 trillion cubic feet of discovered gas resources.
- On completion of the agreements, participating interests in the Senegal blocks will be similar to the aligned partnership in Mauritania, with BP holding participating and effective working interests of close to 60%, Kosmos close to 30% and Société des Pétroles du Sénégal (Petrosen) 10%.
- Formerly known as Teranga West, Yakaar-1 is in the Cayar Offshore Profond block roughly 95 kilometres northwest of Dakar. In May of 2016, Kosmos announced another significant gas discovery approximately 40 kilometres to the east at the Teranga-1 exploration well.
- Kosmos will provide additional information about the Yakaar-1 discovery during its first quarter 2017 conference call on Monday, May 8, 2017 at 11:00 a.m. EDT. The call will be available via telephone and webcast.
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements concerning BP’s plans and expectations to initiate three exploration wells in the Senegal Mauritania basin in 2017 and 2018; plans and expectations with respect to acquiring interests in the Saint-Louis Profond and Cayar Profond blocks and obtaining related government approvals; and expectations with respect to the future prospectivity of the Tortue field. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the timing, quantum and nature of divestments; the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under “Risk factors” in our Annual Report and Form 20-F 2016.
This document contains references to non-proved resources and production outlooks based on non-proved resources that the SEC’s rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov.