State oil company Petrosen has taken up an option to increase its stake in the Sangomar Exploitation Area offshore Senegal from 10% to 18%.
(Courtesy FAR)
Offshore staff
MELBOURNE, Australia – State oil company Petrosen has taken up an option to increase its stake in the Sangomar Exploitation Area offshore Senegal from 10% to 18%.
As a result, FAR’s interest will fall from 15% to 13.67%. Petrosen must now reimburse the other co-venturers for their pro-rata shares of the 8% of expenses incurred on the Sangomar Exploitation Area and the deepwater Sangomar oil field development since Jan. 8, 2020.
FAR’s managing director Cath Norman said her company continues to pursue a sale of all or part of its stake in lieu of an alternate financing option.
