Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

RPT-Woodside takes $US350 million stake in Senegal offshore oil deal

Published 31/10/2016, 08:39 am
© Reuters.  RPT-Woodside takes $US350 million stake in Senegal offshore oil deal
COP
-
FAR
-

(Repeats story from Saturday, no changes to text)

By Peter Gosnell

SYDNEY, Oct 29 (Reuters)- - Woodside Energy (WPN.AX) has secured a 35 percent stake in three oil and gas tenments off West Africa after buying ConocoPhillips (NYSE:COP) 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 COP.N partner in the SNE field, FAR Ltd FAR.AX in August attempted to thwart the arrangment between ConocoPhillips and Woodside, claiming ConocoPhillips had breached their joint operating agreement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.