BP buys its first assets in Morocco with stakes in three offshore blocks

10/15/2013

BP buys its first assets in Morocco with stakes in three offshore blocks 

BY BRIAN SWINT

LONDON (Bloomberg) -- BP Plc has bought its first assets in Morocco with the purchase of stakes in three blocks operated by Kosmos Energy Ltd.

BP will buy an interest in the Essaouira, Foum Assaka and Tarhazoute offshore blocks in the Agadir basin by paying for an exploration well in each, part of a second exploration well and past costs, Kosmos said in an emailed statement, without disclosing terms.

BP CEO Bob Dudley has pushed the company to look for oil in frontier areas as it recovered from the 2010 Gulf of Mexico oil spill. Kosmos plans to start a drilling campaign in the first half of next year.

“We are delighted that BP will be joining this venture as they add significant value to our operations, particularly given their proven success in salt-basin exploration and production,” Brian Maxted, CEO of Kosmos, said in the statement.

Kosmos will retain about a 30 percent stake in each of the licenses and remain the operator. Morocco’s government will keep 25 percent. BP will gain a 45 percent interest in two of the areas, while in the Foum Assaka license, Fastnet Oil & Gas Plc has an 18.75 percent stake, leaving BP with about 26 percent.

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