Woodside takes $US350 million stake in Senegal offshore oil deal

DAKAR (Capital Markets in Africa) – Woodside Energy has secured a 35 percent stake in three oil and gas tenements off West Africa after buying ConocoPhillips Senegal BV for $350 million.

Woodside CEO Peter Coleman said in a statement on Saturday Woodside would be working with partners to commercialise the promising SNE and FAN deep-water oil discoveries off the coast of Senegal.

“We look forward to working with the Government of Senegal and joint venture participants Cairn Energy, FAR Limited, and Petrosen, the Senegal National Oil Company, to progress the commercial development of the SNE and FAN discoveries,” Coleman said.

The deal comes after ConocoPhillips’s partner in the SNE field, FAR Ltd in August attempted to thwart the arrangement between ConocoPhillips and Woodside, claiming ConocoPhillips had breached their joint operating agreement.

Source: Reuters Africa News