Offshore staff
PERTH, Australia – Woodside Energy has issued notification that it will exercise its right to pre-empt FAR’s sale of its interest offshore Senegal, recently agreed with ONGC Videsh Vankorneft.
The proposed transaction covered FAR’s full interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) joint venture, comprising 13.67% of the Sangomar exploitation area and 15% interest of the remaining RSSD evaluation area.
Woodside’s terms will reflect those agreed by FAR/ONGC, and will include a payment to FAR of $45 million; reimbursement of FAR’s share of working capital, from Jan. 1, 2020 to completion; and entitlement to certain contingent payments up to $55 million.
The transfer remains subject to approvals by the government of Senegal and FAR shareholders. Assuming these come through, Woodside’s operated interests will increase to 82% for the Sangomar exploitation area and 90% for the remaining RSSD evaluation area.
CEO Peter Coleman said: “The acquisition is value accretive for Woodside shareholders and results in a streamlined joint venture which will assist in our targeted sell-down in 2021.
“We plan to commence development drilling next year [at the Sangomar field] as we progress the project to targeted first oil in 2023.”
12/03/2020
