Major milestone achieved for BP-operated Tortue/Ahmeyim gas project

BP today confirmed that a key agreement between the governments of Mauritania and Senegal, which will enable the development of the BP-operated Tortue/Ahmeyim gas project to continue to move towards a final investment decision, has been signed by the two governments.

The Inter-Government Cooperation Agreement (ICA) provides for development of the Tortue/Ahmeyim gas field through cross-border unitisation, with a 50%-50% initial split of resources and revenues and a mechanism for future equity redeterminations based on actual production and other technical data.

The agreement was signed on Friday, 10 February in Nouakchott, Mauritania by Mauritania Minister of Oil, Energy and Mines Mohamed Abdel Vetah and Senegal Minister of Petroleum and Energies Mansour Elimane Kane during a ceremony with President Mohamed Ould Abdel Aziz of Mauritania and President Macky Sall of Senegal.

Bernard Looney, BP Upstream chief executive, commented: “This is an important milestone for this innovative gas project which reflects the strong, cooperative partnership between Mauritania and Senegal. We look forward to continuing to work with both countries and our partners, Kosmos Energy, Petrosen and SMHPM, towards a final investment decision.”

The Tortue/Ahmeyim gas field, with estimated resources of 15 trillion cubic feet of gas, is located offshore on the border between Mauritania and Senegal.

BP has completed significant engineering design towards the Tortue/Ahmeyim project, an integrated gas value chain and near-shore liquefied natural gas (LNG) development which would export LNG to global markets as well as supplying gas to Senegal and Mauritania.

• BP entered into Mauritania and Senegal through an agreement with Kosmos Energy, announced in December 2016.
• BP’s holds participating and effective working interests in the Saint-Louis Profond and Cayar Profond blocks offshore Senegal of 60%, with Kosmos Energy holding 30% and Société des Pétroles du Sénégal (Petrosen) holding 10%. In Mauritania, BP’s working interests in offshore Blocks C-6, C-8, C-12 and C-13 is 62%, with Kosmos Energy holding 28% and Société Mauritanienne Des Hydrocarbures et de Patrimoine Minier (SMHPM) holding 10%.

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In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements concerning BP’s plans and expectations in respect of the development of the Tortue/Ahmeyim gas field; plans and expectations with respect to obtaining a final investment decision; plans and expectations in respect of the Inter-Government Cooperation Agreement between Senegal and Mauritania; and expectations with respect to the future prospectivity of the Tortue/Ahneyim gas field. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the timing, quantum and nature of divestments; the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under “Risk factors” in our Annual Report and Form 20-F 2016.

This document contains references to non-proved resources and production outlooks based on non-proved resources that the SEC’s rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov.