Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
The embattled leader is expected to outline a timetable for her successor to be chosen.Europe Politicsread more
Despite a decline in global commercial real estate markets, Asia-Pacific continues to enjoy a record-breaking growth — thanks to China, according to the Global Capital Flows...Real Estateread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Assets under management at Swiss private bank Julius Baer rose 12% in the first four months of 2019 to a record 427 billion Swiss francs ($425.34 billion).Earningsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
SpaceX sent 60 satellites into space in a key first mission toward the company's own high-speed internet network.Internetread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
* BP awarded licence to offshore A1 block
* African Petroleum disputes its licences expired
* Oil and gas found off Senegalese, Mauritanian coast (Adds BP comment, African Petroleum response, background)
BANJUL, May 1 (Reuters) - BP has signed a deal to explore for oil and gas off Gambia's coast in a potential economic boon for the tiny West African country, although another producer says it owns the rights to the same licence.
BP was awarded the licence to the A1 block, the Gambian government said late on Tuesday, a deal which comes as producers seek to emulate oil and gas finds in neighbouring Senegal and Mauritania that have attracted oil majors from across the globe.
The A1 block is one of two that the Gambian government stripped from Norwegian-listed African Petroleum Corporation in 2017, saying the licences had expired and that the company had failed to meet contractual obligations.
African Petroleum disputed that and launched arbitration proceedings in October 2017 at the U.S.-based International Centre for Settlement of Investment Disputes. No resolution has been announced in the case.
African Petroleum said on Wednesday it "continues to reserve its rights in relation to the A1 licence and will continue with its efforts to protect its interest" through arbitration.
A spokeswoman for BP declined to comment on the arbitration proceedings and said it had won the license in a bidding round.
A statement from the office of Gambian President Adama Barrow quoted Jonathan Evans, BP's vice president for Africa New Ventures, as saying the project would begin with an environmental impact assessment, followed by two years of drilling, exploration and development of a first well.
"This is about looking for oil and gas in the deep water ... and if it is successful to develop that oil in the future," Evans said.
BP's move into the country of 2 million people follows a $1 billion entry into gas fields in offshore Senegal and Mauritania in 2016 that includes plans to build a liquefied natural gas (LNG) plant to export West African gas worldwide.
African Petroleum estimated the A1 and A4 blocks that it held contained up to 3 billion barrels of oil. It is not clear what the estimate is for the A1 block alone.
Gambia's government is promoting oil and gas development to revive an economy gutted by more than two decades of autocratic rule under former President Yahya Jammeh, who financed a lavish lifestyle by plundering the central bank and other public accounts. He fled the country in 2017.
The likelihood of success is hard to gauge: a well drilled by Australia's FAR Ltd last year came up dry.
BP's Evans was cautious about prospects and the time it would take for Gambia to benefit, according to his comments quoted in the presidential office statement.
"It is very important ... to understand that the money wouldn't start flowing tomorrow. It is probably in 10 years' time before the revenues would start flowing in," he said.
(Reporting by Pap Saine Writing by Aaron Ross Editing by Edward McAllister)