(Adds Sangomar project background, arbitration details)
Jan 22 (Reuters) - FAR Ltd FAR.AX said on Wednesday it signed a binding agreement with Glencore Plc GLEN.L to market the Australian company's share of crude oil from the $4.2 billion Sangomar project in Senegal.
The Africa-focused oil explorer will let Glencore market a minimum of 20 million barrels of oil for seven years.
It follows FAR lining up funding of $300 million for the development of its interest in the Sangomar field from parties that included Glencore.
FAR also said the International Chamber of Commerce had approved the draft award in its long-running dispute with Woodside Petroleum WPL.AX over the right to pre-empt the sale of ConocoPhillips' COP.N stake in their joint venture to Woodside. FAR holds a minority share in the joint venture that owns the project, which is operated by Woodside. The JV also includes Cairn Energy Plc CNE.L and Senegal's state-owned Petrosen.