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Friday, February 14, 2020
The International Court of Arbitration of the International Chamber of Commerce handed down its decision in the arbitration initiated by Australian independent FAR Limited against fellow Aussie firm Woodside Energy (Senegal) B.V, which was heard in July 2019.
The Tribunal found in favor of Woodside and declared that FAR Limited did not have a pre-emption right over Woodside’s 2016 transaction to enter the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture. The Tribunal also rejected FAR Limited’s other claims.
The Tribunal has ordered the parties to provide their views on the next procedural steps arising from the decision within 45 days.
Woodside said it is committed to working with the RSSD joint venture to progress the Sangomar Field development, which achieved final investment decision in January 2020.
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