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Reuters: BP seeks stake in Cairn Energy's Senegal assets

Published 11/21/2017, 03:58 PM
© Reuters.  Reuters: BP seeks stake in Cairn Energy's Senegal assets
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  • BP (LON:BP) (BP +0.3%) is in talks with Cairn Energy (OTCPK:CRNCY) to acquire a 30% stake in the latter's deepwater SNE field offshore Senegal, which could be valued at ~$600M, Reuters reports.
  • A deal would increase BP’s position in Senegal following a joint venture with Kosmos Energy late last year, which revealed a major gas discovery in May; BP also has investments in two other offshore fields there.
  • The deepwater SNE project is the first oil development in Senegal; Cairn shares the project with Australia’s Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY).
  • Now read: The Billion Oil And Gas Shot 'Heard Around The World'


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