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Friday, July 15, 2016
As part of its phased exit from deepwater acreage in West Africa, ConocoPhillips entered into an agreement to sell its 35% stake in three blocks offshore Senegal. The interest in the three blocks the Rufisque Offshore, the Sangomar Offshore, and the Sangomar Deep Offshore will go to Woodside Petroleum.
The blocks are home to the SNE and FAN discoveries. Woodside will pay ConocoPhillips $350 million for the 35% stake.
The transaction is subject to approval of the government of Senegal and co-venturer preemption rights. The partners on the three blocks are Cairn Energy (operator) and FAR Ltd.
Matt Foxx, ConocoPhillips’ executive VP, Strategy, Exploration, and Technology called the sale an “important milestone” in the company’s exit from the region. Adding “I want to thank our joint venture partners for their collaboration and contributions during the exploration and appraisal phase of this project.”
The three offshore exploration blocks had a net carrying value of approximately $250 million as of May 31. The transaction is anticipated to close by year-end 2016.
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