British Petroleum Agrees to Explore Oil & Gas Wells in Partnership with Kosmos Energy

United Kingdom: British Petroleum (BP) signed an agreement with Kosmos Energy to carry out oil & gas exploration activities in Mauritania and Senegal. BP would acquire 62% working interest along with ownership of Kosmos Offshore blocks in Mauritania. The company would also acquire 32.49% of the Kosmos working interest in Senegal. In total, the company plans to invest USD1 billion in a bid to facilitate its exploration activities in both the regional assets. The agreement is set to be finalized by 2017.

TechSci Research finds out the large-scale investment by BP would boost the exploration activities of hydrocarbons in African Region, thereby creating the demand for drilling fluid market. Africa is endowed with vast oil and natural gas resources which is yet to be explored. The investment by BP would boost the local economy of Senegal and Mauritania and would enhance the business opportunities in region’s oil and gas sector. The exploration activities would have a positive impact on the demand of drilling fluids which are used for carrying out exploration activities.

According to released report of TechSci Research “Global Drilling Fluids Market By Type, By Application, By Region, Competition Forecast & Opportunities, 2011 - 2021”, the global market for drilling fluids is forecast to grow at a CAGR of over 8% during 2016-2021, on account of anticipated increase in oil & gas drilling activities. In 2015, North America dominated demand for drilling fluids across the globe, followed by Asia-Pacific. Moreover, water based drilling fluids dominated global drilling fluids market, due to their environment friendly properties and cost effectiveness.