BP ups Tortue share, but progress may be slowing

The UK major is trying to accelerate the development of the West African discovery, but its progress may be stymied by local politics The UK major is trying to accelerate the development of the West African discovery, but its progress may be stymied by local politics.
By Miriam Malek 28 April 2017 0 25687
A BP platform off the African coast. The company may be stymied by political hurdles in Mauritania. (BP plc)

BP has increased its stake in the Tortue gas discovery offshore West Africa and is looking to press on with development, but protracted negotiations concerning the unitisation agreement could prove a stumbling block.

BP confirmed on Tuesday it has agreed to buy out Timis Corp.’s shares in Tortue, having farmed into the asset in December.

"BP this month agreed to deepen its investment in Senegal by acquiring the full 30% minority participating interests that Timis holds in two offshore blocks in Senegal: Saint-Louis Profond and Cayar Profond,"...

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