Woodside has acquired ConocoPhillips’ stake in Senegal for $350million.
Woodside will acquire 100% of the shares in ConocoPhillips Senegal B.V., which holds a 35% working interest in a Production Sharing Contract with the Government of Senegal covering three offshore exploration blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore.
Woodside chief executive Peter Coleman said move positioned the company well to leverage an “under explored and hightly prosepective emerging oil province”.
“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,” he said.
“It builds on our agreement to acquire a 65% interest in the AGC Profond exploration block located to the south in the Senegal-Guinea Bissau joint development zone and extends our regional focus in West Africa.
“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 SNE and any future discoveries.
“Woodside will bring to the joint venture expertise in deep water drilling, development and operation of subsea infrastructure and floating production storage and offloading vessels.”
The deal is expected to close at the end of the year.
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