Woodside has entered an agreement to acquire ConocoPhillips’ interests in Senegal for US$350 million.
The agreement includes the acquisition of ConocoPhillips Senegal’s 35 per cent interest in a Production Sharing Contract with the Senegalese Government covering three offshore exploration blocks, Rufisque Offshore, Sangomar Offshore, and Sangomar Deep Offshore projects. Woodside will also have the option to operate the development of any resource in the future.
The deal will also see Woodside pay a completion adjustment of approximately $80 million.
In addition, Woodside will obtain the SNE and FAN deep water oil discoveries; SNE being one of the largest global deep water oil discoveries since 2014 with an estimated 560 MMbbl of recoverable oil.
Peter Coleman, Woodside’s CEO, said the acquisition met with their growth strategy, providing access to an underexplored and highly prospective oil province.
“It builds on our agreement to acquire a 65 per cent 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,” he said.
“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.”
Earlier this year, Woodside and joint venture partner Mitsui were approved for the development of the Greater Enfield project in WA involving the Laverda Canyon, Norton over Laverda, and Cimatti oil accumulations.