Woodside will make an upfront payment of USD 350 million, followed by a further USD 80 million upon completion. ConocoPhillips’ Senegal stake in the production-sharing contract with the government covers the Rifisque, Sangomar and Sangomar Deep offshore exploration blocks.
In November 2014, ConocoPhillips announced that its SNE-1 well had encountered oil some 95 km off Senegal, where the FAN-1 well too had discovered oil. In its Thursday press release, Woodside noted that the find totals 560 million barrels of recoverable oil. Other interest holders are Far with 15% and Petrosen with 10%.
“We are taking advantage of our balance sheet to acquire a world-class asset that fits well with our capabilities, offers significant future upside in exploration and line-of-sight to near-term oil production,” CEO Peter Coleman said. The company expects to close the deal by the end of 2016.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.