World Bank OKs Mauritania Loan
The World Bank approved a $20mn subsidy from the International development agency (IDA) to the Mauritanian government March 16. The bank said it would help the government to negotiate investment deals for developing the cross-border Great Tortue gas field.
“This grant will strengthen Mauritania’s capacity to ensure a major gas resource is developed effectively by private operators with strong support from the government. We trust all stakeholders will be provided an opportunity to engage and contribute to accelerate inclusive growth in Mauritania," said the bank's manager for Mauritania, Laurent Msellati.
Senegal, on the other side of the border and co-owner of the field, was last year offered the same amount of money to develop its oil and gas sector and ensure transparency in negotiations with international firms. The two countries will get an equal share of the revenues from gas sales, planned as an LNG export project, following an agreement in February, a necessary step on the route to a final investment decision (FID).
Great Tortue which has estimated resources of 15 trillion ft³, was discovered in 2015 by Kosmos Energy which will develop it, starting from 2021, in partnership with UK major BP, which will operate it.