Brazil’s Petrobras and partners produced their billionth barrel of oil from presalt fields this month. Underlining one of the biggest shifts to happen this decade in global crude output.
And news yesterday suggests we may be about to see another mega-shift in energy. In the worldwide natural gas business.
That was a deal struck by petro-major BP. Which is spending nearly a billion dollars to get into projects in an unexpected part of the world: western Africa.
BP said it has reached an agreement to buy stakes in development projects in Senegal and Mauritania. Which the major is acquiring from junior developer Kosmos Energy, in exchange for $162 million cash – and subsequent payment of $754 million in appraisal and development expenses.
This post was published at FinancialSense on 12/20/2016.
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