Australia's Woodside Acquires Conoco's Interests in Senegal

Australia's Woodside has entered into a binding sale purchase agreement with ConocoPhillips to acquire all of latter’s interests in Senegal for $350 million plus a completion adjustment of about $80 million.  

As per the agreement, Woodside will acquire 100 percent of the shares in ConocoPhillips Senegal which holds a 35 percent 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.   

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.