Petroleum Africa
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Monday, February 22, 2016
Woodside Petroleum picked up another stake in Africa through a deal with Impact Oil & Gas. The deal has Woodside acquiring a 65% stake in the AGC Profond permit which is a joint development zone between Guinea Bissau and Senegal.
Impact, which said this month that technical studies have revealed the permit has a “high degree of prospectivity,” is keeping a 20% interest in the block. Local company Entreprise AGC SA has the remaining 15% stake in the AGC Profond. Woodside will take over as operator of the acreage.
The company’s CEO, Peter Coleman, said in a statement that the deal afforded Woodside an opportunity to secure high-quality acreage.
“This builds on recent acquisitions in Cameroon, Gabon, and Morocco and reflects our disciplined and strategic approach to studying regional petroleum systems,” Coleman said in a statement.
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