Lukoil takes $400-mln stake in Senegal field

Senegal

DAKAR, July 27, 2020 – Russia’s Lukoil has reached a deal with UK company Cairn Energy to buy its 40% stake in Senegal’s first offshore oil development for up to USD 400 million.

The deal includes USD 300 million in cash and a potential USD 100 million in bonus payments after production starts.

The Rufisque Offshore, Sangomar Offshore and Sangomar Deep (RSSD) contract area, which holds the Sangomar field, is being developed by the RSSD joint venture, led by Woodside Petroleum.

In January, the joint venture reached an agreement to develop the project’s first phase with an investment of USD 4.2 billion. The project will include an 100,000-bpd FPSO supplied by Japanese company Modec.

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