BP Plc agreed to buy stakes in West African licenses held by Kosmos Energy Ltd. for USD 916 million to expand in deep-water drilling and natural gas.
BP will be named operator and acquire a 62 percent working interest in licenses at four blocks off Mauritania, as well as an effective 32.49 percent interest in permits at two blocks off Senegal, the companies said Monday. Kosmos will maintain 28 percent and 32.51 percent of the Mauritanian and Senegalese licenses, respectively, and will remain exploration operator.
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