Gulf Oil and Gas accountACCOUNT

Woodside Agrees to Acquire ConocoPhillips' Interests in Senegal

Source: www.gulfoilandgas.com 7/14/2016, Location: Africa

Share |
Woodside has entered into a binding Purchase and Sale Agreement (PSA) with ConocoPhillips to acquire all of ConocoPhillips’ interests in Senegal for the purchase price of US$350 million, based on an effective date of 1 January 2016, plus a completion adjustment of approximately US$80 million.

Under the PSA, 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. The acquisition includes the option for Woodside to operate the future development of any resource.

The Production Sharing Contract includes the SNE and FAN deep water oil discoveries. SNE is one of the largest global deep water oil discoveries since 2014. Woodside estimates that the SNE discovery contains 560 MMbbl of recoverable oil (at the 2C confidence level, 100%).

Woodside CEO Peter Coleman said the acquisition aligned with the company’s growth strategy by providing a significant position in an under explored and highly prospective emerging oil province. The SNE and FAN discoveries opened up the basin, and recently completed appraisal work has proven up high-quality resources.

“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.

“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,” he said.

Completion of the PSA is subject to satisfaction of customary conditions, including Government of Senegal approval and pre-emption and is targeting close by year-end 2016.

Acquisitions and Divestitures News in Senegal >>

Egypt >>  11/12/2018 - The Chief Executive Officer of Petroleum & Petrochemicals, Mubadala Investment Company, and Chairman of Mubadala Petroleum, Musabbeh Al Kaabi, and the...
Nigeria >>  11/12/2018 - Eland Oil & Gas PLC, an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, has announced, through...

United Arab Emirates >>  11/11/2018 - On behalf of the Abu Dhabi government, the Abu Dhabi National Oil Company (ADNOC) has signed an agreement with French oil and gas major Total, grantin...
Canada >>  11/8/2018 - the Canada Newfoundland and Labrador Offshore Petroleum Board announced that BHP has been successful in its bids to acquire a 100% participating inter...

Canada >>  11/7/2018 - Equinor and its partners were the successful bidders for new exploration parcels in the prolific Jeanne d’Arc basin, offshore Newfoundland. ...
Namibia >>  11/7/2018 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, is pleased to announce that Tower Resources (Namibia) Limited, a who...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Senegal Oil & Gas 1 >>  2 |

More News

 

Oil & Gas Companies in Senegal >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.