BP BP Plc

By Oliver Griffin

BP PLC (BP.LN) said on Monday that an agreement between Mauritania and Senegal, signed on Feb. 10, will enable the development of the Tortue/Ahmeyim gas field, where BP has a majority interest.

The field, which holds an estimated 15 trillion cubic feet of gas, sits offshore on the border between the two African nations.

BP said that the Inter-Government Cooperation Agreement signed by the countries will see a fifty-fifty split of resources and revenues, as well as a mechanism for future equity redeterminations based on actual production and other technical data.

Bernard Looney, BP's upstream Chief Executive, said the agreement was an important milestone for the project.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

February 12, 2018 04:27 ET (09:27 GMT)

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