FAR strikes bittersweet Sangomar sale with ONGC
Australia’s FAR Ltd has struck a deal to sell its Senegal interests to India’s ONGC for $45 million plus some costs.
Cath Norman
Clock running down for FAR in Senegal
Australia’s FAR did not exercise its right to pre-empt the sale of Cairn Energy’s stake in the Sangomar field, as the company works to find a buyer for its own interest.
FAR slips into default at Sangomar
Australia’s FAR is in default for its payments due on the Sangomar field, following recent talk of delays in Senegal’s upstream plans.
FAR hoists “for sale” sign on Sangomar
Australia’s FAR has been unable to secure financing for its stake in the Sangomar field development and so has begun a process to sell all, or a part, of its stake in the Senegalese project.
FAR under strain with Sangomar financing
Australia’s FAR has temporarily suspended plans for drilling offshore The Gambia, in response to the coronavirus pandemic, while the oil price crash has made talks on securing debt for Senegal’s Sangomar development harder.
Upfront costs rise on Senegal’s SNE
Developing the SNE field will require capital expenditure of around $4.2 billion, a presentation by Australia’s FAR has said, versus the previous projection of $3bn.