Woodside to Buy ConocoPhillips' Senegal Oil Assets for Up to US$430 Million
14 Juli 2016 - 12:35AM
Dow Jones News
By David Winning
SYDNEY--Woodside Petroleum Ltd. (WPL.AU) agreed to a deal worth
up to US$430 million to buy ConocoPhillips' (COP) assets in the
West African nation of Senegal, which include one of the world's
largest oil discoveries in recent years.
Perth-based Woodside said the deal covering three exploration
blocks in Senegal involved an upfront payment of US$350 million,
plus a further US$80 million on completion.
It also includes the option for Woodside to operate any future
development in any of the blocks known as Rufisque Offshore,
Sangomar Offshore and Sangomar Deep Offshore.
Woodside is buying assets that include the FAN and SNE offshore
oil discoveries, which are part-owned by London-listed Cairn Energy
PLC (CNE.LN) and Australia-listed FAR Ltd. (FAR.AU). The SNE
field--one of the world's largest deepwater oil discoveries since
2014--contains an estimated 560 million barrels of recoverable oil,
Woodside said.
-Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
July 13, 2016 18:20 ET (22:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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