Lukoil has pulled its non-binding bid for FAR, clearing the way for Woodside Energy to increase its stake in the Sangomar project.
Russia’s Lukoil has emerged as another suitor to buy MSGBC Basin-focused FAR, for A$220 million ($170mn).
FAR has received a non-binding proposal for its potential acquisition by Remus Horizons PCC that may derail its Senegal sale.
Woodside Energy has opted to pre-empt the sale of FAR’s stake in a licence offshore Senegal, which will increase the buyer’s stake to 82% in the Sangomar field.
On this week’s episode, in association with Fasken, the team looks at the return of RockRose Energy founder Andrew Austin to the North Sea fold, after he sold up his former firm for nearly £250m earlier this year.
Australia’s FAR Ltd has struck a deal to sell its Senegal interests to India’s ONGC for $45 million plus some costs.
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.
Australia’s FAR is in default for its payments due on the Sangomar field, following recent talk of delays in Senegal’s upstream plans.
Woodside Petroleum has denied that first oil from the Sangomar field will be delayed because of the coronavirus pandemic.
Amidst the oil price crash crisis and the pressure on companies, opportunities are emerging for those with resources.
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.
TGS has begun a 3D seismic survey offshore The Gambia, under its Gambito 2020 programme.
The double threat of coronavirus and the price crash has forced oil companies around the world to rearrange plans and save money where possible, and Africa is set to feel the squeeze.
Woodside Petroleum has slashed its spending this year by 50%, to around $2.4 billion, but Senegal’s Sangomar development should progress as planned.
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.
Australia’s FAR has signed a deal to allocate its share of crude from Senegal’s Sangomar field to Glencore Energy.
Senegal’s government has approved the plan to develop the Woodside Energy-led Sangomar field.
Australia’s FAR has awarded a contract to acquire 3D seismic in The Gambia to Shearwater GeoServices.
FAR has set out plans for a conditional placement and a senior debt facility in order to finance the Sangomar field, offshore Senegal.
The Sangomar development and exploitation plan has been submitted to the Senegalese government, operator Woodside Energy has said, with the final investment decision (FID) for the project expected later this month.
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.
Australian firm FAR said today that drilling had commenced on the Samo-1 exploration well in block A2, offshore Gambia.
Petronas has entered into an agreement to acquire a 40% stake in FAR’s A2 and A5 offshore licenses in Gambia, West Africa.
Australian firm Far today denied claims made in a media report that it was involved in a dispute with UK-based Cap Energy in Senegal.
The Gambian Government has approved Erin Energy’s farm-out agreement with FAR Limited – where FAR will acquire operatorship of two Erin blocks in the Gambia.