ConocoPhillips advances deepwater exploration exit with Senegal assets sale completion

ConocoPhillips has completed a transaction for the sale of its shares in ConocoPhillips Senegal BV, which holds a 35 percent interest in three exploration blocks offshore Senegal, to Australia’s Woodside Petroleum.

ConocoPhillips said on Friday that the total sales price of the transaction between its subsidiary and Woodside was around $440 million, including net customary adjustments of approximately $90 million.

To remind, the two companies agreed in July that Woodside would buy all of ConocoPhillips’ interests in Senegal, based on an effective date of January 1, 2016.

Matt Fox, executive vice president for Strategy, Exploration, and Technology at ConocoPhillips, said: “We are pleased to complete this transaction with Woodside. We experienced a transparent and cooperative relationship with the Senegalese government and appreciated their support throughout a very successful exploration and appraisal campaign.

“By completing this sale we are progressing our broader exit from deepwater exploration, which will further increase our capital flexibility and reduce the cost of supply of our portfolio.”

The three offshore exploration blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore, had a net carrying value of approximately $285 million as of Sept. 30, 2016.

With the acquisition of ConocoPhillips’ Senegal assets, Woodside will get access to the SNE and FAN deep-water oil discoveries. SNE is one of the largest global deepwater oil discoveries since 2014. Woodside estimates that the SNE discovery contains 560 MMbbl of recoverable oil (at the 2C confidence level, 100%).

Partners in the exploration blocks are Cairn Energy, FAR Limited, and Petrosen, the Senegal National Oil Company.

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply