Australian minnow FAR has completed the sale of its stake offshore Senegal to Woodside Energy.
FAR has booked a Stena Drilling rig for an exploration well in The Gambia at the end of the year.
Shareholders in FAR have approved the sale of the company’s stake in a Senegal licence to Woodside Energy.
Woodside Energy has increased the cost of its Sangomar project to $4.6 billion, gross, from $4.2bn.
Remus Horizons PCC has abandoned its bid to acquire FAR, paving the way for Woodside Energy to complete its takeover of Senegal’s Sangomar.
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).
The Grand Tortue Ahmeyim gas field development, straddling the offshore waters of Mauritania and Senegal, is expected to produce its first gas in 2023 following delays related to the coronavirus pandemic, according to Senegal’s Oil Minister Sophie Gladima.
FAR has received a non-binding proposal for its potential acquisition by Remus Horizons PCC that may derail its Senegal sale.
Modec has ordered six compressor trains from MAN Energy Solutions for the Sangomar field, offshore Senegal.
As with the global industry, African exploration and production plans hit the COVID-19 and oil price-crash roadblock.
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.
PetroNor E&P has struck a deal to acquire Svenska Petroleum’s assets in Guinea Bissau, with the hope of drilling in 2021-22.
Australia’s FAR Ltd has struck a deal to sell its Senegal interests to India’s ONGC for $45 million plus some costs.
Cairn Energy has abandoned plans to sell its stake offshore Senegal to Lukoil, abiding by Woodside Energy’s pre-emption.
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.
Australian firm Woodside has moved to whisk the purchase of Cairn Energy’s 40% stake in the Sangomar project off Senegal out from under the nose of Russian firm Lukoil.
Russia’s independent Lukoil has struck a deal to pay $300 million to Cairn Energy for a 40% stake in a licence offshore Senegal.
The floating production systems (FPS) market will rebound to $13 billion annually from 2021-24 with an average oil price of $60 per barrel, analysts have said.
No more floating production, storage and offloading (FPSO) vessels will be ordered this year, Rystad Energy has predicted.
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.
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.